Due to lax operations South American money launderers were able to illegally move $3 billion through a single Midtown Manhattan Bank of America Corp. (BAC) branch. The admission was made yesterday closing the latest illicit-finance investigation brought Manhattan district attorney, Robert M. Morgenthau.
Although no idictment was sought Morgenthau hopes the settlement will encourage the federal government to do more to track illicit money transfers, including those financing terrorists. He noted that he could not tie any of the $19 billion in laundered funds directly to terrorists and he said that fact should be a cause for alarm.
Bank of America, in a statement quoted in this NYTimes.com article, said it “takes seriously its anti-money laundering obligations” and that it “never knowingly does business with persons, organizations or businesses engaged in illegal activities and did not in this case.”
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