Warm Southern Breeze

"… there is no such thing as nothing."

Wachovia Bank Guilty of Mexican Drug Money Laundering

Posted by Warm Southern Breeze on Thursday, March 18, 2010

For a root of all the evils is the love of money, which certain longing for did go astray from the faith, and themselves did pierce through with many sorrows.” 1 Timothy 6:10 (YLT)

Wachovia Bank officials in Miami plead guilty to federal drug money laundering charges in Miami. As part of their agreement, the bank will forfeit $110,000,000 ($110 Million) and be fined $50,000,000 ($50 Million).

Federal prosecutors with the U.S. Attorney General’s Office, and Drug Enforcement Administration officials found detailed evidence supporting criminal charges against Wachovia – a division of Wells Fargo & Company – and agreed not to prosecute bank officials if the bank would agree to the forfeiture and penalty.

According to the terms of the agreement, the bank must also begin to use stronger anti-money laundering systems.

Federal authorities said Wachovia Bank purposely failed to block Mexican currency exchange houses from channeling over $110,000,000 ($110 Million) in profits from international trade in illicit narcotics through Wachovia Bank.

Mexican currency exchange houses, called casas de cambio – literally “exchange houses” in Spanish – were established to facilitate currency exchanges from tourists, visitors to Mexico and international businesses, but in recent years have been targeted as channels for profits from the illicit cocaine and drug cartels in Mexico and Colombia, also called narco-traffickers.

In a related case, federal prosecutors have also charged Casa de Cambio Puebla and four defendants with conspiracy to smuggle several thousands of kilos of cocaine in the United States, and of using that business as a conduit to launder the narco-profits.

U.S. District Judge Donald Graham issued a protection order freezing about $27,000,000 ($27 Million) in assets that prosecutors plan to request as forfeiture in the case.

2 Responses to “Wachovia Bank Guilty of Mexican Drug Money Laundering”

  1. jason said

    Many individuals are affected by this “narco-trafficking” and have been put in grave danger because of it. Drugs like cocaine and heroin dominate this international trade and the result is not only death from violence but death and imprisonment due to addiction. Narconon Arrowhead helps thousands of individuals overcome their addictions to these deadly drugs every year and is doing their part in fighting drug and alcohol addiction.


    • Warm Southern Breeze said

      Thanks for reading, and especially for your response!

      Addiction of one sort or another has been plaguing humanity for as long as humanity has existed. Will it ever be cured? There is a cure, because there is hope. As a healthcare professional, I have studied and investigated addiction and substance abuse for quite some time, though it is not my primary area of practice. My conclusions to date are that addictions have a strong primary emotional component. We see and understand that our behaviors are inextricably tied to our emotions. The veracity of those statements is evidenced vis-à-vis the success of the various 12-Step programs built upon those of Alcoholics Anonymous and founder Bill W.

      I particularly like the 12th Step: “Having had a spiritual awakening as a result of these steps…”

      God bless and prosper you in your work in helping others!


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