PHOENIX (Legal Newsline) – Arizona Attorney General Tom Horne announced a settlement on Monday with Western Union that he says represents a significant step in the fight against money laundering.
Under the terms of the agreement, Western Union and Arizona will take unprecedented, cooperative steps to battle money laundering, including a commitment by Western Union to implement a series of anti-money laundering recommendations. Horne’s office said the agreement will help the state to protect its citizens from gun running, border violence and narcotic and human smuggling along the southwest border.
“This agreement will serve as a model for the entire money services business industry, and is a giant step forward in combating drug trafficking and money laundering,” Horne said.
As part of the agreement, Western Union and Horne specified a detailed plan to implement an anti-money laundering program along Arizona’s southwest border. Western Union will supply the state with information to ensure the company’s commitments are fully and properly implemented. Western Union and the state will also use data analytics to fight money laundering activities throughout the region.
An independent, court-appointed monitor will oversee the process. If Western Union fails to implement the program in accordance with the agreement, it will face penalties.
“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.