PHOENIX -- The state of Arizona and Western Union are working hand in hand to combat the growing problem of money laundering in the state.
"Western Union, in the coming year, is going to spend one-fifth of $1 billion on compliance -- things to do to prevent people who are involved in wiring money from facilitating money laundering or drug trafficking," Attorney General Tom Horne said.
He said this is part of a settlement agreement where Western Union will have to follow 90 recommendations, including strict monitoring of its agents.
"It's a very historic agreement, which will be a model for the industry and I think essentially substantially reduce, if not eliminate, money laundering as a key part of the drug-importing business," Horne said.
The attorney general said he hopes the partnership will also help reduce border violence, gun running and human smuggling efforts.