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To win the war on drugs, stop money laundering

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Posted: Tuesday, April 12, 2011 12:00 am

Drug trafficking cartels cannot do business without laundering their money. There is no place to hide or to do business with billions of dollars of cash or gold. If so-called “war” against drugs was serious, enforcement against obvious money laundering would be serious.

Money laundering involves deposits of large sums of money in accounts that are not inconspicuous. For example, when 5.7 tons of cocaine were discovered aboard a DC-9 in Mexico, which landed outside its flight plan, investigation found that it was purchased through accounts in Wachovia and Bank of America. According to www.worldreports.org and Bloomberg, Wachovia Bank admitted it failed to monitor suspicious activities on $378.4 billion of transactions.

Wells Fargo paid $160 million in fines and penalties (less than 2 percent of its 2009 profits), and the U.S. agreed to drop all charges if Wells Fargo fulfilled its pledge to improve money laundering detection.

Worldreports.org endorsed a report on money laundering that was published by Bloomberg, and the point was that finally an American news agency had reported a criminal activity that was already obvious.

As a matter of routine, with a long list of threats on the life of late editor Christopher Story, worldreports journalism gave reports on political power that were contrary to popular belief. Story criticized the popular opinion that communist Soviet Union had collapsed without a single shot being fired, and more recently, Story reported on the real influence behind Obama. I have taken interest in his reporting on the Chinese-British raid on U.S. Treasury.

Daniel Hutchins

Acampo

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