Controversy Arises over Suspected Colombia Drug Laundering in Switzerland

On April 18, 1994, the business media reported controversy surrounding revelations of alleged money laundering for an alleged high level Colombian drug dealer over a period of years. The large sum of money and the involvement of a major Swiss bank, UBS, have underscored the persistence of drug money laundering and the difficulty of combatting money laundering. The arrest and freezing of a large amount of money based on a tip from foreign anti-drug money laundering authorities also illustrates the success of international cooperation in intelligence and law enforcement, a fact the business media has ignored. The media has noted that U.S. and Swiss law enforcement authorities are reporting this is the most significant sum of money ever frozen in a bank account?[more]