their investigation into the bank, its directors and senior management "to
avoid any potential adverse impact" on the Justice Department investigation,
the newspaper reported..."
-------------
Riggs Bank under criminal probe?
Report says money laundering investigation looking at role of current and
former executives.
August 21, 2004: 8:24 AM EDT
WASHINGTON (Reuters) - The Justice Department has begun a criminal
investigation into possible wrongdoing at Riggs Bank, The Washington Post
reported Saturday, citing a letter from the U.S. attorney for the District
of Columbia to federal bank regulators.
The U.S. attorney's office was investigating the role of current and former
executives and directors of Riggs Bank (RIGS: Research, Estimates) and its
parent company, Riggs National Corp., the newspaper reported, citing unnamed
sources.
A spokesman for Riggs was not available to comment.
The investigation is aimed at determining which individuals, if any, should
be held accountable for the company's failure to comply with federal laws
designed to deter money laundering and other questionable activities that
have surfaced in ongoing probes, The Washington Post said, citing sources.
The U.S. attorney's letter, obtained by the newspaper, asked federal bank
regulators to suspend their investigation into the bank, its directors and
senior management "to avoid any potential adverse impact" on the Justice
Department investigation, the newspaper reported.
Riggs National Corp. said earlier this month it was subject to various
investigations relating to accounts maintained by Equatorial Guinea, Saudi
Arabia and former Chilean dictator Augusto Pinochet.
A Chilean judge has questioned Pinochet about secret U.S. bank accounts
worth up to $8 million, a member of Pinochet's legal defense said Friday.
A Senate investigation into Riggs Bank revealed in July that Pinochet and
his wife held up to $8 million in the bank between 1994 and 2002 and cashed
several cheques in Chile drawn on those accounts.
In May, Riggs paid a $25 million civil penalty to the Office of the
Comptroller of the Currency to settle allegations it shirked its duties
under anti-money-laundering rules.
The Washington Post said the actions of the company's largest shareholder,
Joe Allbritton, his wife, and son, who is chairman of the bank and holding
company, are under review.
Riggs last month agreed to be bought by PNC Financial Services Group Inc.
for $700 million.
------------------------------------------------------------------------
Copyright 2004 Reuters All rights reserved. This material may not be
published, broadcast, rewritten, or redistributed.
Find this article at:
http://money.cnn.com/2004/08/21/news/midcaps/riggs.reut
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