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.
The U.S. is responsible for much of the turmoil from the Mexican drug wars. U.S. banks act as enablers for cartels by giving them a lucrative market to work with. The laundering of Mexican drug profits within U.S. institutions is one of the main ways by which Mexican drug lords stay in business. Lacks in oversight, accountability, and enforcement are the key pitfalls that must be ameliorated.