Wachovia Corp’s links to Malaysian controlled MBF Bank Tonga should also be scrutinised

Posted: 27 Apr 2008 11:28 PM CDT

 

Wachovia Corp (WB.N: Quote, Profile, Research) is being investigated by federal prosecutors as part of a probe into alleged laundering of drug proceeds by Mexican and Colombian money-transfer companies, The Wall Street Journal reported on Saturday, 28 April 2008.
(http://www.reuters.com/article/ousiv/idUSN2628333820080427)

 

Wachovia’s correspondent banking arrangement with MBF Bank Tonga, which is majority owned by MBF Holdings Bhd of Malaysia should be of equal if not greater concern( see http://www.chips.org/uid/uid_display.php?UidNum=401217 for evidence of correspondent relationship)

The reason :Apart from its branches in Tonga, MBF Bank has 2 branches overseas; one in Rangoon, Burma,(see www.myanmars.net/yellowpages/yangon-bank.htm) and the other, in Pyongyang, North Korea.

The Pyongyang branch came to public attention in 1995 when BBC Monitoring reported the following:
INDUSTRY SOURCE” SAYS MASTERCARD, VISA CARDS USED IN NORTH.
Text of report by the South Korean news agency Yonhap

Seoul, 3rd June: International credit cards have been in use in the North Korean capital city of Pyongyang since 1991, industry sources said Saturday [3rd June].

Foreigners visiting North Korea are able to pay for goods and services at hotels and department stores in Pyongyang using their credit cards instead of cash, officials of Seoul branch offices of Mastercard and Visa card companies said.

An official of Mastercard‘s Seoul office said, “Mastercard has been in use in Pyongyang since 1991 when MBF Bank, headquartered in Kuala Lumpur, opened its branch in Pyongyang.”
(Source:7 June 1995
BBC Monitoring Service: Asia-Pacific
English)

 

One Response to Wachovia Corp. links to Malaysian controlled MBF Bank Tonga-money laundered drug proceeds

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