Banks financing Mexico gangs admitted in Wells Fargo deal

Bloomberg (US)
Tuesday, June 29, 2010
Wachovia made a habit of helping move money for Mexican drug smugglers. Wells Fargo & Co., which bought Wachovia in 2008, has admitted that its unit failed to monitor and report suspected money laundering by narcotics traffickers – including cash used to buy four planes that shipped a total of 22 tons of cocaine. The admission came in an agreement that Wachovia struck with federal prosecutors, and it sheds light on the largely undocumented role of U.S. banks in contributing to the violent drug trade that has convulsed Mexico. (See also: Wachovia's Drug Habit)