Money Laundering, Mexican Drug Cartel | featured news

US prosecutors are looking into whether British bank HSBC was involved in laundering money for Mexican drug cartels and moving cash for Saudi Arabian banks with ties to terrorists, The New York Times reported Saturday.

Drug money has a way of sprawling. And some of it may have reached Bank of America.A federal probe into Los Zetas, a Mexican drug cartel, claims that the group has been laundering money through accounts at BofA, according to a recent report in The Wall Street Journal.

Mexico's divided Congress is unlikely to pass President Felipe Calderon's pivotal plans to reform the police and combat money laundering, risking a major setback in the war against violent drug cartels.