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Topic: Riggs Bank

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	Riggs Bank Agrees to Guilty Plea and Fine - Nations and States - Global Policy Forum
		Riggs Bank yesterday admitted it was criminally liable for failing to take adequate measures to prevent potential money laundering by former Chilean dictator Augusto Pinochet and officials of Equatorial Guinea.
		Riggs pleaded guilty to one felony count of failing to file suspicious activity reports and agreed to a fine of $16 million.
		Riggs, which pleaded guilty to one felony count of failing to file such reports, ultimately filed them, but in some cases only years after the conduct occurred.
	www.globalpolicy.org /nations/launder/regions/2005/0128riggs.htm (1327 words)

	USATODAY.com - PNC to buy Riggs Bank
		Riggs' bank subsidiary, an old-line Washington institution with deep ties to the diplomatic community, has been sanctioned and is under criminal and congressional investigation for allegedly helping hide money for former Chilean dictator Augusto Pinochet and other lapses.
		Riggs was fined a record $25 million in May by federal banking regulators for alleged violations of laws against money laundering in its handling of cash transactions in Saudi-controlled accounts under investigation for possible links to terrorism financing.
		Riggs National is the parent company of Riggs Bank, the largest bank based in the national capital area with $6 billion in assets.
	www.usatoday.com /money/industries/banking/2004-07-16-pnc-riggs_x.htm (543 words)

	Riggs Bank Selects Onyx Software as Its Global CRM Standard
		Riggs Bank will use Onyx Enterprise CRM across its retail branches, call center, commercial banking group and private banking group, and intends to deploy the application to approximately 1000 users.
		Riggs is the largest bank holding company headquartered in Washington D.C. and is the primary financial institution serving embassies worldwide, with offices in Miami, London, the Channel Islands, and Berlin.
		Riggs Banks has served the Washington, D.C. metropolitan area for more than 165 years, participating in significant historical events which include serving as the bank for many presidents of the United States, financing the Alaska Purchase of 1867 and providing loans for the construction of the U.S. Capital building.
	www.onyx.com /NewsAndEvents/PressReleases/riggs.asp (916 words)

	Riggs Bank Hid Assets Of Pinochet, Report Says (washingtonpost.com)
		Riggs Bank courted business from former Chilean dictator Augusto Pinochet and helped him hide millions of dollars in assets from international prosecutors while he was under house arrest in Britain, according to a report by Senate investigators.
		Senior bank officials, including former chairman and chief executive Joseph L. Allbritton, were part of an effort to win Pinochet's business and were familiar with the activities in his accounts, the former dictator's legal status and efforts to seize his assets around the world, the Senate report says.
		Lee said that Riggs officers had promised to remedy the problems, but the report concludes that he did little to ensure that corrective actions were carried out.
	www.washingtonpost.com /wp-dyn/articles/A50222-2004Jul14.html (1335 words)

	Riggs Bank Sold to PNC Financial Services Group (washingtonpost.com)
		Riggs, 167-years-old, is the oldest Washington-based banking institution.
		The bank was fined in May for repeated violations of laws designed to prevent money laundering and was the subject of a Senate investigative hearing yesterday on allegations that it hid assets of former Chilean dictator Augusto Pinochet.
		Riggs showed a profit of $3.9 million for the first three months of the year, compared with $5.9 million for the first quarter of 2003.
	www.washingtonpost.com /wp-dyn/articles/A54380-2004Jul16.html (958 words)

	Web Site Cites Bush-Riggs Link (washingtonpost.com)
		Jonathan Bush, who is a major fundraiser for his nephew, was appointed in 2000 to run Riggs Investment Management Co. His association with Riggs began when he headed J. Bush and Co., a New Haven, Conn., company he created in 1970 and built to offer advice on money management.
		Riggs bought J. Bush and Co. in 1997 to help create a one-stop financial outlet offering a range of services, from insurance to securities trading and investment advice.
		Regulators have not charged the bank with money laundering, but they have charged that Riggs failed to comply with laws that require banks to report to law enforcement officials any suspicious transactions.
	www.washingtonpost.com /wp-dyn/articles/A28396-2004May14.html (357 words)

	The Seattle Times: Nation & World: Riggs Bank fined over Pinochet ties
		WASHINGTON — Riggs Bank agreed to pay a $16 million fine yesterday after pleading guilty to violating the Bank Secrecy Act by hiding transfers of millions of dollars in accounts controlled by Chilean despot Augusto Pinochet and top officials of Equatorial Guinea.
		The bank, one of the oldest and most prestigious in the nation's capital, set up accounts under deceptive or phony names, ignored requirements to file federal reports on transfers of significant sums and helped establish dummy corporations in the Bahamas, where banking laws are notoriously lax, federal investigators said.
		In addition to the fine, Riggs agreed to five years of probation and to cooperate in ongoing investigations of former Riggs officers.
	seattletimes.nwsource.com /html/nationworld/2002162985_riggs28.html (423 words)

	Riggs Bank N.A. - SourceWatch (Site not responding. Last check: )
		"Riggs said last month it is pulling back from its foreign operations and that the head of the family that controls the bank was resigning from the board of its parent company.
		The bank also indicated that family patriarch Joe Allbritton, Riggs's former chief executive, is resigning as vice chairman of the parent company's board of directors.
		"Federal bank regulators are preparing to impose fines on Riggs Bank as soon as this week for not reporting millions of dollars in suspicious transactions at its embassy banking division and have notified bank officers and directors that they may be sanctioned individually, according to people familiar with the investigation.
	www.disinfopedia.org /wiki.phtml?title=Riggs_Bank_N.A. (895 words)

	Riggs Bank is Sued Over 9/11 Attacks
		In addition to the suits against the Saudis, a group of insurers, including Lloyd's of London, filed suit against UAL Corp., parent of United Airlines, and AMR Corp., parent of American Airlines, as well as airport-security firms and Chicago aerospace concern Boeing Co., alleging that their negligence contributed to the attacks.
		The boldest filing was the suit, which seeks class-action status, against Riggs National Corp. and its banking unit.
		"Riggs' constant failure to comply with banking oversight laws resulted in funds being forwarded from high risk Saudi Embassy accounts at Riggs Bank to at least two September 11 hijackers," the suit, drafted by the torts firm Motley Rice of Mount Pleasant, S.C., alleges.
	www.nysscpa.org /home/2004/904/2week/article4.htm (191 words)

	CBS News \| PNC's Offer to Buy Riggs Bank Collapses \| February 7, 2005 21:51:23
		Riggs said it was seeking damages, which it did not specify, or for an order that compels PNC to proceed with the merger under the original terms agreed upon last summer.
		Riggs also said Monday that it expected to report a loss of $60 million for the fourth quarter of 2004 and a full-year loss of $100 million, and that it is closing its London branch _ the final step in the shuttering of its international operations.
		Riggs said it still believes that a merger with a larger bank is in the best interests of its shareholders and that it will continue to pursue that goal, which it believes it is now entitled to do with banks other than PNC.
	www.cbsnews.com /stories/2005/02/07/ap/business/mainD883U5P81.shtml (1015 words)

	Equipo Nizkor - Money Laundering and Foreign Corruption: Enforcement and Efectiveness of the Patriot Act
		Riggs Bank N.A. is a well-known and long-standing financial institution which is incorporated in Delaware and operates throughout the Washington, D.C. metropolitan area.
		Riggs will not accept as a customer anyindividual, company or trust relationship whom we have any reason whatsoever to believehas been convicted of any crime involving the misappropriation of funds or the use oftrafficking of narcotics, or narcotics related material, or money laundering, or has obtainedfunds through illegal or illicit means.
		Riggs Bank managed more than 60 accounts andcertificates of deposit for Equatorial Guinea, its officials, and their family members, with little or noattention to the bank's anti-money laundering obligations, turned a blind eye to evidence suggesting thebank was handling the proceeds of foreign corruption, and allowed numerous suspicious transactionsto take place without notifying law enforcement.
	www.derechos.org /nizkor/corru/doc/riggsbank.html (15541 words)

	Riggs - Demopedia (Site not responding. Last check: )
		Riggs Bank (NASDAQ: RIGS) is a Washington, DC-based commercial bank with branches located in the surrounding metropolitan area and offices around the world.
		It said Riggs helped disguise or hide as much as $8 million when Pinochet was under house arrest in London and Spanish prosecutors had begun court proceedings to freeze his assets in the late 1990s.
		Riggs, which touts itself as “the most important bank in the most important city in the world,” has been known for decades as the bank of the Washington elite, including politicians, foreign ambassadors and the wealthy.
	demopedia.democraticunderground.com /index.php?title=Riggs&printable=yes (970 words)

	Riggs Bank CEO and chairman resigns - U.S. Business - MSNBC.com
		Riggs pleaded guilty in January to a criminal felony charge of failing to report suspicious transactions to authorities and has agreed to pay $41 million in civil and criminal fines to the U.S. government.
		Riggs, accused by banking regulators of failing to report suspicious transactions in accounts held by Saudi diplomats in Washington, still faces private lawsuits related to Saudi Arabia and the 2001 terrorist attacks, and another that alleges racketeering.
		Riggs said last month that it expected to report a loss of $60 million for the fourth quarter of 2004 and a full-year loss of $100 million, and that it is closing its London branch — the final step in the shuttering of its international operations.
	www.msnbc.msn.com /id/7122172 (633 words)

	Riggs Bank guilty, to pay big fine \| The San Diego Union-Tribune
		The guilty plea by Riggs could throw into question its deal, announced in July, to be acquired for $779 million by regional bank PNC Financial Services Group of Pittsburgh.
		However, shares of parent Riggs National Corp. rose 32 cents, or 1.5 percent, to close at $22.44 in trading yesterday on the Nasdaq Stock Market, suggesting that investors expect the merger to go through now that Riggs has resolved the case and avoided prosecution with the plea agreement.
		Riggs, an old-line Washington bank that drew prestige from its near-exclusive franchise on business with the capital's diplomatic community, is a midsize institution with some $6.4 billion in assets.
	www.signonsandiego.com /uniontrib/20050128/news_1b28riggs.html (330 words)

	Riggs Bank found involved in money laundering - Pravda.Ru
		It was Riggs Bank, which provided the American government with $7.2 million in gold bullions to purchase Alaska from Russia.
		Riggs Bank's main building is situated opposite the White House and the Treasury Department.
		The sale of one of Washington's oldest bank was announced, when it became known that Riggs Bank was insufficiently checking its client's accounts within the framework of the money laundering struggle.
	english.pravda.ru /world/americas/20-07-2004/6239-riggsbank-0 (722 words)

	Update on Riggs Bank Scandal & Jonathan Bush \| Democrats.com
		In January, Riggs pleaded guilty to one count of failing to file reports on suspicious transactions by two former clients, former Chilean dictator Augusto Pinochet and leaders of the corruption-plagued West African nation of Equatorial Guinea, which was once Riggs's largest customer.
		Riggs is one of only three government-insured financial institutions to be convicted of violations of the Bank Secrecy Act, the federal law designed to prevent money laundering in U.S. financial institutions.
		In addition to the $16 million criminal fine, Riggs last year paid a $25 million regulatory fine, $8 million to settle a Spanish criminal action related to Pinochet, and $2.7 million to settle a civil shareholder lawsuit.
	www.democrats.com /node/4086 (843 words)

	The CIA and Riggs Bank. - By Jack Shafer - Slate Magazine
		Banking regulators fined Riggs $25 million last year for its violations, the institution put itself up for sale, and a Justice Department investigation was started.
		Given the intelligence connections to Riggs, prosecutors could be faced with proving that the bank's failure to disclose financial activity by the foreign officials wasn't implicitly authorized by parts of the U.S. government.
		It's a safe bet that Riggs officials aren't ratting themselves out to a Journal reporter, which leaves us with the green eyeshades at PNC Financial, who probably know all of the spooky secrets about Riggs bank by now.
	www.slate.com /id/2112015 (827 words)

	The Riggs Bank Scandal: Pinochet, the CIA, Saudis, 9/11...and...Jonathan Bush! \| Democrats.com
		Jack Shafer has written some recent articles about Riggs Bank's long relationship with the CIA (going back to the Bay of Pigs, and later, a CIA operation in Iran), based on an investigation by Wall Street Journal writer Glenn Simpson.
		Riggs bank was also the depository of choice for Equatorial Guinea dictator Teodoro Obiang Nguema, who stuffed $700 million of his country's oil money into Riggs while his fellow citizens lived on less than a dollar a day.
		The bank is now defunct, having been bought out by PNC bank in 2005.
	www.democrats.com /node/2678 (600 words)

	Risk Management and Regulatory Failures at Riggs Bank and UBS: Lessons Learned - Federal Reserve Bank of New York
		By the end of May, we had received responses from HSBC and Bank of America that included, for HSBC, specific counterparty information, and for Bank of America, more general country information, for the relevant shipments.
		As a bank supervisor active in that fight, the Federal Reserve appreciates the value of global cooperation.
		The banks responded by detailing for us the procedures each had in place to ensure their contractual compliance with the OFAC regulations and various Anti-Money Laundering (“AML”) statutes and regulations.
	www.ny.frb.org /newsevents/speeches/2004/bax040602.html (4433 words)

	CorpWatch : CHILE: Riggs Bank Hid Assets Of Pinochet, Report Says
		Riggs Bank courted business from former Chilean dictator Augusto Pinochet and helped him hide millions of dollars in assets from international prosecutors while he was under house arrest in Britain, according to a report by Senate investigators.
		Senate investigators, who spent more than a year looking into Riggs, found that the bank attempted to use offshore and other accounts that were misleadingly named to obscure their connection to Pinochet.
		Senior bank officials, including former chairman and chief executive Joseph L. Allbritton, were part of an effort to win Pinochet's business and were familiar with the activities in his accounts, the former dictator's legal status and efforts to seize his assets around the world, the Senate report says.
	www.corpwatch.org /article.php?id=11452 (1401 words)

	Riggs Bank
		After being fined $25 million for violating anti-money-laundering laws in its embassy banking division, Riggs has asked more than 100 embassy clients to find other banking arrangements by mid-July, according to sources familiar with the matter who spoke on condition they not be identified.
		The old-line Washington bank, which built its prestige on catering to world leaders and diplomats, admitted criminal activity in handling accounts associated with former Chilean dictator Augusto Pinochet and officials of the government of Equatorial Guinea.
		Riggs Bank has still been fined over $41 million, though, which to the uncommitted might suggest there's no great conspiracy to protect the business affairs of members of the Bush family.
	www.911myths.com /html/riggs_bank.html (377 words)

	The New York Times > Business > PNC Reaches Revised Deal to Buy Riggs Bank
		Riggs said PNC had no grounds for ending the talks and asked the court to compel PNC to complete the merger or to pay Riggs for damages incurred as a result of the unsuccessful transaction.
		On Jan. 27, Riggs's banking subsidiary, Riggs Bank, pleaded guilty to criminal charges of failing to monitor suspect financial transactions adequately and agreed to pay a $16 million penalty to settle a Justice Department investigation.
		Riggs agreed last May to pay a $25 million civil fine that the Treasury Department imposed for failings to responsibly supervise accounts at the bank.
	www.nytimes.com /2005/02/10/business/10cnd-riggs.html?ei=5090&en=e007d6be8c26f8ea&ex=1265778000&adxnnl=1&partner=rssuserland&adxnnlx=1150344068-PV5xavhm7Hg6geK9RB/ByA (734 words)

	Jilted Riggs Bank Is Suing PNC - February 8, 2005 - The New York Sun
		Riggs National Bank, one of Washington's oldest financial institutions now tainted by a failure to act against money laundering, filed suit against would-be acquirer PNC Financial Services Group yesterday after a merger between the two fell apart over the weekend.
		On July 16, PNC agreed to acquire Riggs for $24.25 a share, or approximately $779 million, in order to gain a foothold in the Washington, D.C. market where Riggs operates more than 50 branches, and is formerly one of the area's most prestigious banks.
		The deal was thrown into question, however, when Riggs on January 27 pleaded guilty to hiding transfers of millions of dollars in accounts controlled by former Chilean dictator Augusto Pinochet and top officials of Equatorial Guinea, and agreed to a $16 million fine pending sentencing in March.
	www.nysun.com /article/8903 (521 words)

	Riggs Bank, blanchisseuse des dictateurs, par Alain Astaud (Le Monde diplomatique)
		Riggs Bank, blanchisseuse des dictateurs, par Alain Astaud (Le Monde diplomatique)
		C’est ainsi que la banque américaine Riggs a pu, pendant des décennies, couvrir les détournements de fonds du général Augusto Pinochet au Chili ou du dictateur Teodoro Obiang Nguema en Guinée-Equatoriale.
		Ironie de l’histoire, la Riggs doit rompre avec le dictateur au moment où celui-ci est courtisé comme jamais par les chancelleries occidentales.
	www.monde-diplomatique.fr /2005/08/ASTAUD/12420 (3180 words)

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