The Justice Department charged a San Fernando money transfer service with failing to maintain an effective anti-money laundering program. Sigue Corporation will forfeit $15 million to the U.S. government and has agreed to commit to a $9.7 million upgrade of its anti-money laundering program as part of a deferred prosecution agreement. In light of Sigue’s remedial actions and acceptance of responsibility the government is to recommend the dismissal of the charge in 12 months, upon completion of the terms of the agreement. Money laundering is not a victimless crime and contributes to an untaxed, underground economy, said Eileen Mayer, Chief, Internal Revenue Service Criminal Investigation. “Those who choose to launder proceeds obtained from unlawful activities, including proceeds from the illegal sale of narcotics, face the consequences of criminal prosecution,” Mayer said. “Money transmitting businesses should heed today’s proceedings as a warning that the government is monitoring your activities.”
