US Department of Justice makes Western Union to pay fine for abetting money-laundering

20 January 2017

The US government behind the joint forces of US Department of Justice and Federal Trade Commission pressed the world’s largest remittances company Western Union to pay fine at the rate of $586 million in the case where the money transfer company was charged with loose anti-money laundering policy resulting in hundreds of thousands dollars illicitly misappropriated by criminals worldwide.

Reports in the mass media show that Western Union agreed to pay the penalty admitting the breaches of law. Acting Assistant Attorney General David Bitkower noted in the report that Western Union is paying for wrong priorities when preferring profits over the interests of its customers.

The move brings the largest money charges ever imposed on the money transfer provider when Western Union will be paying $570 million in the fourth quarter. Company spokesperson commented saying that Western Union is committed to sharing the policy of the US government over the protection of customers and integrity of the remittance business.

The spokesperson added that hundreds of millions of dollars were sent to China in circumvention of requirements to the reporting established by the US laws. Illegal immigrants sent large amounts of money thus committing the smuggle crime, as noted by the US government.

Moreover, the agents of Western Union were charged with participating criminally in the schemes requesting US families to send money to their allegedly suffering family members in need of money or to inexistent firms promising to give prizes and/or jobs. Victims were tricked into sending money by Western Union with agents sharing a part of the illegal proceedings.

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