Financial Transparency Coalition

WASHINGTON, DC – The FACT Coalition will host a joint press conference on Tuesday, July 17th following the Senate Permanent Subcommittee on Investigation’s hearing “U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History.”

The Institutional Revolutionary Party (PRI)'s victory in Mexico's presidential elections signifies a new challenge for curbing Mexican capital flight. Returning after a 12 year hiatus from office, PRI will govern both a quickly growing democracy and an underground economy that transcends the party's old negotiation strategy. Modern drug traffickers in Mexico's most corrupt regions have more intelligent and larger money laundering operations than those of previous decades, signaling a need for greater transparency in Mexico's financial structure.

Former Wachovia Bank Anti Money-Laundering Officer, Martin Woods, discusses how Wachovia, Bank of America, and other large banking institutions sustain Mexican drug cartels. Woods left his position at Wachovia due to negative responses from Wachovia officials to Woods’ investigations of Mexican cartel money laundering within the institution.

Last week, U.S. Air Force General Douglas M. Fraser, Commander of US Southern Command, testified before the Senate Armed Services Committee. SOUTHCOM is the U.S. military's arm in the Americas, and naturally deals frequently with issues relating to the drug trade and organized crime syndicates. During his testimony (PDF), he highlighted the problems posed to U.S. security by the easy flow of illicit money across borders.