Between 2004 and 2007, Wachovia Bank handled funds totaling $378.4 billion for Mexican currency-exchange houses acting on behalf of drug cartels. The transactions amount to the largest violation of the Bank Secrecy Act, an anti-money-laundering law, in US history. This case is not exceptional; Wachovia is just one of several US and European banks that drug cartels have used to launder money.
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Clarence Walker, “American Banks ‘High’ on Drug Money: How a Whistleblower Blew the Lid off Wachovia-Drug Cartel Money Laundering Scheme,” AlterNet, November 1, 2011, http://www.alternet.org/story/151135/american_banks_’high’_on_drug_money:_how_a_whistleblower_blew_the_lid_off_wachovia-drug_cartel_money_laundering_scheme>.
Student Researcher: Alysha Klein (Florida Atlantic University)
Faculty Evaluator: James F. Tracy (Florida Atlantic University)