Wachovia pays 160 million dollars to halt drugs probe

Wed, 03/17/2010 - 17:26 EDT
 

Wachovia has agreed to pay US prosecutors 160 million dollars for its failure to stop drug money being laundered to Mexican affiliates, the DEA said Wednesday.The embattled bank admitted it failed to stop an estimated 110 million dollars from being sent from the US to Mexico by wire transfer that was used to buy cocaine-transporting aircraft.The Drug Enforcement Administration said Wachovia-run foreign exchange houses in Mexico -- or casas de cambio (CDCs) -- were involved in the illicit trades between 2004 and 2007.

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