Senior executives of Bancomer in Mexico City are unlikely to forget the morning of May 18 when the call came through from the US justice department. Along with two other prominent Mexican financial institutions, and scores of bankers, Bancomer was being indicted on US conspiracy and money-laundering charges. Within a few hours, US treasury secretary Robert Rubin would announce the biggest ever federal money-laundering investigation – and the first US money-laundering indictments against legitimate foreign financial institutions.
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