Feb 12, 2010 8:14 AM by Bea Karnes, News First 5
Western Union agreed to a $94 million settlement in a dispute with Arizona prosecutors that centers on the state's efforts to reduce the flow of immigrant and drug smuggling money through wire transfers.
The Arizona Attorney General's Office said Thursday that the Englewood, Colorado-based company will pay $7 million to each of three Arizona law enforcement agencies to pay for costs of investigating Western Union and its agents.
Western Union also will contribute $50 million to a nonprofit center that will promote security along the U.S.-Mexico border and spend another $19 million to strength its own anti-money laundering efforts.
An additional $4 million will pay for independent monitoring of the company's anti-money laundering efforts.