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Sunday, November 27, 2011
U.S. Banks and the Cartels
The LA Times published 2 articles today on how banks are processing money from the Mexican drug cartels. In April 2011, the London Observer published an article detailing this. Even further back in July 2010, the Huffington Post linked the money to the 2008 economic meltdown and how the it saved our banks...
As the violence
spread, billions of dollars of cartel cash began to seep into the global
financial system. But a special investigation by the Observer reveals
how the increasingly frantic warnings of one London whistleblower were
ignored
"During a 22-month investigation by agents from the US Drug
Enforcement Administration, the Internal Revenue Service and others, it
emerged that the cocaine smugglers had bought the plane with money they
had laundered through one of the biggest banks in the United States: Wachovia, now part of the giant Wells Fargo.
The
authorities uncovered billions of dollars in wire transfers,
traveller's cheques and cash shipments through Mexican exchanges into
Wachovia accounts. Wachovia was put under immediate investigation for
failing to maintain an effective anti-money laundering programme. Of
special significance was that the period concerned began in 2004, which
coincided with the first escalation of violence along the US-Mexico
border that ignited the current drug war." MORE
----------------------------------
Despite strict rules, some banks have failed
to 'know their customer' or ask about the source of large amounts of
cash, allowing billions in dirty money from Mexico to be laundered.
By Tracy Wilkinson and Ken Ellingwood, Los Angeles Times
November 27, 2011, 7:16 p.m.
Reporting from Mexico City—
Money launderers for ruthless Mexican drug gangs have long had a formidable ally: international banks.
Despite strict rules set by international regulatory bodies that require
banks to "know their customer," make inquiries about the source of
large deposits of cash and report suspicious activity, they have failed
to do so in a number of high-profile cases and instead have allowed
billions in dirty money to be laundered...MORE
Washington employs sanctions in an effort to
deter money launderers and others who serve drug traffickers, but
evidence shows that being put on the 'kingpin designation list' doesn't
cause hardship.
By Ken Ellingwood and Tracy Wilkinson, Los Angeles Times
November 27, 2011, 7:16 p.m.
Reporting from Mexico City—
The U.S. government has blacklisted more Mexican
individuals and companies this year than any other single country or
group — and that includes North Korea, Iran, Syria and Al Qaeda.
Three hundred Mexicans and 180 Mexican companies are on the so-called kingpin designation list, the Treasury Department's roster of people and entities suspected of laundering money for drug traffickers or working for them in other capacities...MORE
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