Money Laundering and Foreign Corruption: Enforcement and Effectiveness of the Patriot Act--Case Study Involving Riggs Bank
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Serial Number
Levin Center Identifier
Document Date
2004-07-15
Report Length
114 pages
Policy Agendas Project Major Code
Policy Agendas Project Minor Code
Additional, Minority, Dissenting Views
Report Type
Found Using Methodology
Yes
Subcommittee(s)
Commission(s)
Idependent Author(s)
Brief Executive Summary
The Minority Staff of the Permanent Subcommittee on Investigations of the Senate Committee on Governmental Affairs conducted an investigation into the role of Riggs Bank in money laundering practices in the U.S. The Subcommittee reviewed financial documents from the IRS and Riggs Bank and conducted interviews with representatives from financial institutions. The report found that Riggs Bank ignored federal anti-money laundering obligations and were complicit in allowing and sometimes facilitating suspicious financial activity.