Money Laundering and Foreign Corruption: Enforcement and Effectiveness of the Patriot Act - Case Study Involving Riggs Bank
Article from: OGEL 3 (2004), in Good Governance
Introduction
The evidence reviewed by the US Minority Staff of the Permanent Subcommittee on Investigations ('Subcommittee') establishes that, since at least 1997, Riggs has disregarded its anti-money laundering (AML) obligations, maintained a dysfunctional AML programme despite frequent warnings from OCC regulators, and allowed or, at times, actively facilitated, suspicious financial activity. The evidence also shows that federal regulators did a poor job of compelling Riggs Bank to comply with statutory and regulatory anti-money laundering requirements. They were tolerant of the bank's weak ...