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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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From: ldo794/26/2008 12:17:34 PM
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Wachovia faces money-laundering probe: report
By MarketWatch
Last update: 12:12 p.m. EDT April 26, 2008

NEW YORK (MarketWatch) -- Federal prosecutors are investigating Wachovia Corp. as part of a broad probe of alleged laundering of drug proceeds by Mexican and Colombian money-transfer companies, the Wall Street Journal reported Saturday, citing people familiar with the matter.
Several large U.S. banks have come under scrutiny for their relationships with such companies, known as casas de cambio, and the report said Wachovia (WB) is in discussions with the U.S. Justice Department about reforms in its compliance system.
Government officials could offer Wachovia a deferred-prosecution agreement that would require extensive federal oversight, the report said.
An official at Wachovia was quoted as saying the bank is cooperating in the probe. End of Story
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