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Wachovia settles with US prosecutors over money laundering charges
Mar 17, 2010, 23:53 GMT
Washington - Wachovia Bank, now a subsidiary of Wells Fargo & Co, agreed Wednesday to pay the US government 160 million dollars to settle charges that it turned a blind eye to money laundering by Mexican drug cartels.
The US government has agreed to defer prosecution for 12 months and will drop the charges altogether if Wachovia cooperates during that time with an investigation, the Justice Department said.
US prosecutors charged that Wachovia 'willfully failed to establish an anti-money laundering programme' from May 2003-June 2008.
Wachovia has agreed to forfeit 110 million dollars in proceeds from illegal drug sales laundered through the bank and to pay a further 50-million-dollar fine to the US Treasury Department.
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