A subsidiary of Bank Leu of Switzerland has become the third foreign bank, and the first since 1991, to plead guilty to a U.S. money-laundering charge.

Banque Leu (Luxembourg) pleaded guilty last Friday of laundering $2.3 million in cashier's checks for a Colombian drug smuggling operation, according to Michael J. Yamaguchi, U.S. attorney for the Northern District of California in San Francisco.

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