April 20, 1997 in Nation/World

U.S. To Seize $1.5 Billion In Drug Cash

Compiled From Wire Services

Colombian drug lords stand to lose $1.5 billion in a nationwide bank account seizure planned by federal officials, The Dallas Morning News reported.

Agents intend to seize 5,000 bank accounts in Florida, New York, Texas and California that are allegedly controlled by drug lords, the newspaper reported Friday on its Web site.

The seizures could begin on Monday and take two years.

Simultaneous arrests were unlikely because most of the account holders and managers live outside the United States, one investigator said.

“Seizing a drug trafficker’s assets, being able to establish a paper trail of money derived through illegal proceeds, is one of the most effective tools in law enforcement,” said Wilfredo Fernandez, spokesman for the U.S. Attorney’s Office for the Southern District of Florida.

Thoughts and opinions on this story? Click here to comment >>

Get stories like this in a free daily email