FBI Says Mexican Drug Cartels Used Bank of America to Launder Money

An FBI investigation is claiming a Mexican drug cartel used Bank of America to launder its money, the Wall Street Journal reports. Cocaine-trafficking cartel Los Zetas allegedly routed 1 million U.S. dollars per month for two years through a personal bank account owned by the brother of the gang’s kingpins. The funds were funneled through Bank of America to purchase racehorses from a Texas-based company. Mexican drug cartels have reportedly used the bank before; acccording to Bloomberg, cartels were funneling money through Bank of America to buy planes to transport cocaine in 2010. The bank is not accused of any wrongdoing and is reportedly cooperating fully with the federal probe.