Western Union, AZ reach pact to combat money laundering - FOX Carolina 21

Western Union, AZ reach pact to combat money laundering

Posted: Updated:
PHOENIX (CBS5) -

Another weapon to combat drug trafficking and money laundering has been drawn with an unprecedented agreement between the state of Arizona and Western Union.

The agreement outlines Western Union's efforts to create and maintain an anti-money-laundering campaign that Arizona Attorney General Tom Horne said could serve as a model for the entire money services business.

Horne and Western Union devised the plan in which Western Union will continue implementation of a series of anti-money-laundering recommendations from the state, according to a new release from Horne's office on Monday.

Horne said the agreement positions Arizona to better guard against border violence, gun running and human and narcotic smuggling along the border.

An independent and court-appointed monitor will oversee the process and if the company should fail to implement the program in accordance with the time lines in the new agreement, it will face penalties, according to Horne's office.

Under the agreement, the company will supply information to the state so that Arizona can assure itself the company's commitments are implemented. Western Union and the state will also cooperate with joint data analytics to combat money laundering activities throughout the Southwest border region, according to the release.

"This agreement should signal to the criminal community that law enforcement and private industry are willing to forge close partnerships to put an end to illegal activity," Horne said.

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