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Even Under Closer Scrutiny, Cartels Continue to Exploit Border Banks, Says Alliance Director
printMoney launderers working on behalf of Mexican cartels have moved southward after a deferred prosecution agreement between Western Union and Arizona gave investigators unprecedented access to remittance data in Northern Mexico, according to Vince Piano, a lieutenant with the Phoenix Police Department and commander of the Arizona Financial Crimes Task Force. The 2010 agreement, which funded the launch of the Southwest Border Anti-Money Laundering Alliance, forced the money services business (MSB) to implement anti-money laundering (AML) controls and pay $94 million in addition to granting U.S. state investigators access to the information. But the data handover hasn't stemmed cartel-related transactions...
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