How Wachovia laundered billions in drug money

The Observer provides an excellent summation of a story we’ve long followed here, about how a major US bank laundered drug cartel money. You would expect Wachovia executives would have been arrested and gone to prison but no, the bank (now owned by Wells Fargo) just received a slap-on-the-wrist fine and promised to sin no more.

At the height of the 2008 banking crisis, Antonio Maria Costa, then head of the United Nations office on drugs and crime, said he had evidence to suggest the proceeds from drugs and crime were “the only liquid investment capital” available to banks on the brink of collapse. “Inter-bank loans were funded by money that originated from the drugs trade,” he said. “There were signs that some banks were rescued that way.”

It appears our global financial system has been completely corrupted.


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