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Using Banking to Tackle Colombia’s Cocaine Problem
June 9th, 2014
Late last month, during peace negotiations in Cuba, Colombia’s Marxist-Leninist rebel army organization, the Revolutionary Armed Forces of Colombia (also known as FARC) signed an agreement with the Colombia government to jointly combat illicit drugs. This is a relatively surprising accord, since many analysts believe FARC receives significant funding from this very trade. Estimates place FARC’s proceeds from the cocaine trade in Colombia around $500 to $600 million annually, mainly through a “tax” FARC places on coca farmers and their coordination of the cocaine smuggling networks. Under the agreement last month, however, FARC agreed that it would completely...
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U.S. Banks Picking Mexican Drug Cartels’ Side In The U.S.’s War On Drugs
May 19th, 2011
If I told you that while the United States is engaged in a costly war against illegal drugs and the vicious cartels that traffic them, U.S. banks are willfully flouting U.S. and Mexican laws and helping these cartels launder their money, would you believe me? For decades the U.S. has served as a safe haven for the ill-gotten finances of corrupt foreign leaders and their ilk. Former foreign government ministers, military leaders, and corrupt heads of state have mansions, businesses, and bank accounts here. The banks who facilitate much of these activities are required by law to conduct...
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How a big US bank laundered billions from Mexico’s murderous drug gangs
April 4th, 2011
This wasn’t meant to happen in the last decade. Money laundering regulation was meant to have stopped the handling of drug cash in the USA. The Patriot Act was meant to have closed down such things. The FATF 49 recommendations were meant to have been in place. But as the Observer reported yesterday, US bank Wachovia, now part of Wells Fargo, money laundered hundreds of billions for Mexican drug gangs in the USA. And, when the activity was questioned internally from London, the money laundering officer who did so was driven out.
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