Archive for June 29th, 2012


Dirty money thrives in Mexico

June 29, 2012

How Mexico druglords spend their ill-gotten gains

Mexico’s narcotics magnates have billions of dollars at their disposal.

Some of that money goes toward the staple bling, such as gold-plated semi-automatics and so forth.

Adam Raney tells us how they spend the rest of their ill-gotten gains.

Uploaded by AlJazeeraEnglish

*Dirty money thrives despite Mexico drug war

In 2010, Wachovia, now owned by Wells Fargo, settled out of court for the largest violation of the Bank Secrecy Act in US history. They paid a fine of $160m for laundering a whopping $378.4bn from Mexican currency exchange houses between 2004 and 2007. Much of this cash is thought to have been drug money, moved without proper documentation from Casa’s de Cambio in Mexico to US banks.

Two years later, Woods said: “There was no consequence for anyone dealing with that money. Some other compliance officers broke the rules and they kept their jobs. I obeyed all the rules, blew the whistle and lost my job.”

Wells Fargo did not return phone calls or emails from Al Jazeera requesting comment.

*Richard Branson Calls War on Drugs ‘greatest failure of global policy in the last 40 years’

Branson also explains his recent activism against drug prohibition, “I had long thought that the war on drugs did more harm than good – as with the prohibition of alcohol in the United States had done in the 1920s.”

He and the commission are “urging governments worldwide to treat drug use as a health issue and not a criminal issue.”


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