News, US Banks funding Mexico Drug Cartels! (Mexican, illegal aliens, cocaine)

[{geek}]

Wachovia, it turns out, had made a habit of helping move money for Mexican drug smugglers. Wells Fargo & Co., which bought Wachovia in 2008, has admitted in court that its unit failed to monitor and report suspected money laundering by narcotics traffickers -- including the cash used to buy four planes that shipped a total of 22 tons of cocaine.

Wachovia admitted it didn’t do enough to spot illicit funds in handling $378.4 billion for Mexican-currency-exchange houses from 2004 to 2007. That’s the largest violation of the Bank Secrecy Act, an anti-money-laundering law, in U.S. history -- a sum equal to one-third of Mexico’s current gross domestic product.

Story: Banks Financing Mexico Gangs Admitted in Wells Fargo Deal

[HappyTexan]

Well..I'm not surprised in the least bit. And when caught.."Oh my, we didn't know but we'll be sure to be better in the future". BAU

[tablemtn]

Well, in one sense, it's just the free market at work. American consumers want their drugs, and banks want their fees, and naturally, those two factors will intersect.

[majoun]

Nothing new.

Antonio Maria Costa, executive director of the United Nations Office on Drugs and Crime, said that the international drugs trade essentially kept the global banking system afloat during the 2008 crisis, and has propped up real estate markets around the world.

Prohibition: UN Drug Chief Says Black Market Drug Profits Propped Up Global Banking System Last Year | StoptheDrugWar.org

[Lariat]

This is the reason why big banking continue when everything else collapsed.

I knew BoA and some other big banks were happy to lend mortgages and open bank accounts for illegal aliens. I changed banks to a credit union.

[{geek}]

Yep. I use a credit union too.

[Donna-501]

I have used credit unions for more than 20 years.