Now that the year's 'deferred prosecution' has expired, the bank is in effect in the clear. In March 2010, Wachovia settled the biggest action brought under the US bank secrecy act, through the US district court in Miami. Of special significance was that the period concerned began in 2004, which coincided with the first escalation of violence along the US-Mexico border that ignited the current drugs war.Ĭriminal proceedings were brought against Wachovia, though not against any individual, but the case never came to court. Wachovia was put under immediate investigation for failing to maintain an effective anti-money laundering programme. The authorities uncovered billions of dollars in wire transfers, traveller's cheques and cash shipments through Mexican exchanges into Wachovia accounts.
