Wachovia probed over drug-money laundering

Posted on May 19, 2008 

Wachovia probed over drug-money laundering

US justice authorities are investigating Wachovia Corp, one of the top five US banks, as part of a probe into Latin American drug money laundering, the Wall Street Journal reported Saturday.

Wachovia is one a several large US banks being examined for relations with Mexican and Colombian money-transfer and foreign exchange firms directly involved in the laundering, the Journal said.

The Journal also said the bank is possibly facing a deferred-prosecution agreement with the US Department of Justice that would subject it to “extensive federal oversight.”


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