Money Laundering and Foreign Corruption: Enforcement and Effectiveness of the Patriot Act

Permanent Subcommittee on Investigations

Thursday, July 15, 2004
09:00 AM

[view archive webcast]

From 1999 to 2001, the Subcommittee conducted an extended investigation into money laundering vulnerabilities at U.S. financial institutions, including in the areas of private banking, correspondent banking, and federal securities. The Subcommittee issued two reports, held five days of hearings, and provided the factual foundation for many of the anti-money laundering provisions enacted into law in Title III of the USA Patriot Act of 2001.

The Subcommittee hearing will examine current enforcement of key provisions in the Patriot Act combating money laundering and foreign corruption, using a single case study involving Riggs Bank. The hearing will examine Riggs’ anti-money laundering program, administration of accounts associated with senior foreign political figures and their family members, and interactions with its primary regulator, the Office of the Comptroller of the Currency (OCC). The hearing will also examine the OCC’s anti-money laundering oversight and enforcement actions. In addition, the hearing will examine the activities of some oil companies in Equatorial Guinea.

Witnesses will be representatives from Riggs Bank, the OCC, and three oil companies.

Witnesses

Panel 1

• Lawrence I. Hebert [view testimony]
  President and CEO
  Riggs Bank N.A.
• Raymond M. Lund
  Former Executive Vice President, International Banking Group
  Riggs Bank N.A.
• R. Ashley Lee
  Executive Vice President & Chief Risk Officer
  Riggs Bank N.A.
• Simon Kareri
  Former Sr. Vice President & Sr. International Banking Mgr.
  Riggs Bank N.A.

Panel 2

• Jennifer C. Kelly
  Deputy Comptroller Mid-Size & Credit Card Bank Supervision
  Office of the Comptroller of the Currency, U.S. Department of Treasury
• John Noonan
  Former Assistant Deputy Comptroller, Office of the Comptroller of the Currency
  U. S. Department of the Treasury
• Daniel P. Stipano [view testimony]
  Deputy Chief Counsel, Office of the Comptroller of the Currency
  U. S. Department of the Treasury
• Lester Miller
  Examiner-In-Charge (Riggs Bank), Office of the Comptroller of the Currency
  U. S. Department of the Treasury

Panel 3

• Andrew P. Swiger [view testimony]
  Executive Vice President
  ExxonMobil Production Company
• Albert J. Marchetti [view testimony]
  Vice President, International and Federal Relations
  Amerada Hess Corporation
• Steven P. Guidry [view testimony]
  Central Africa Business Unit Leader
  Marathon Oil Company