Rigging the books - More boardroom dirt

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July 23, 2004
Rigging the books

More boardroom dirt

Riggs was a lofty, independent institution that specialized in dealing with foreign embassies. Its biggest client became the African nation of Equatorial Guinea, headed by dictator Teodoro Obiang. The ruler was an honored guest at a Riggs luncheon.

Even worse was the bank’s dealings with Latin America’s worst dictator — at a time when he was charged with human rights atrocities and his assets had been frozen by court order. Sen. Carl Levin, D-Mich., commented at a Senate hearing:

“In 1994, top Riggs officials went to Chile and asked Gen. Pinochet — a notorious military leader accused of involvement with death squads, corruption, arms sales and drug trafficking — if he would like to open an account at Riggs Bank here in Washington. Mr. Pinochet said yes.”

The dictator sent $8 million to Riggs, which created offshore shell corporations and put part of his money into them. After a British newspaper reported that Riggs was dealing with Pinochet, the bank changed names on his accounts to hide his identity.

Riggs also had 150 accounts for rich Saudi Arabians, who deposited or withdrew millions at a time. The bank failed to report these transfers.

more
http://wvgazette.com/section/Editorials/200407224

Edit for emphasis

RIGGS ALSO HAD 150 ACCOUNTS FOR RICH SAUDI ARABIANS WHO DEPOSITED OR WITHDREW MILLIONS AT A TIME. THE BANK FAILED TO REPORT THESE TRANSFERS.
du history
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=691609

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1. kick for Bushista money-laundering. eom