| For immediate release |
|
The Federal Reserve Board announced today that it has terminated the Temporary Orders to Cease and Desist issued against Banco Nacional de Mexico, Mexico City, Mexico; Banco Internacional, S.A., Mexico City, Mexico; and Banco Santander, Madrid, Spain. The Temporary Orders to Cease and Desist were issued on May 18, 1998 in connection with Operation Casablanca, a law enforcement undercover operation that resulted in numerous convictions of drug traffickers, bankers, and two foreign banking organizations with operations in the United States for money laundering offenses. Banco Nacional de Mexico, Banco Internacional, S.A., and Banco Santander were not charged with any criminal activity in connection with Operation Casablanca. The Temporary Orders to Cease and Desist required Banco Nacional de Mexico, Banco Internacional, S.A., and Banco Santander to enhance their anti-money laundering policies and procedures in the United States. The banks have been in full compliance with the Temporary Orders. |