Senate Committee on Homeland Security and Governmental Affairs

U.S. Senate Committee on Homeland Security and Governmental Affairs

Permanent Subcommittee on Investigations

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

Date: 7/15/04

Time (EST): 9:00 AM

Place: Dirksen Senate Office Building, Rm. 342

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.

Webcast: Click here to view archived hearing (Real Player format)

Publication: Hearing Publication not available until six months after the hearing date.
Check for Downloadable Publication
Order Printed Publication

Helpful Link
	Real.com Download your free real player by clicking on the link to the left to view the Hearing.

Hearing File: Minority Staff Report on Money Laundering and Foreign Corruption (.pdf format)

Member Statements

Senator Norm Coleman

Senator Carl Levin

Witnesses Testimony

Panel 1

Lawrence I. Hebert [View PDF] , President and CEO , Riggs Bank N.A. , Washington, D.C.

Raymond M. Lund , Former Executive Vice President, International Banking Group , Riggs Bank N.A. , Washington, D.C.

R. Ashley Lee , Executive Vice President & Chief Risk Officer , Riggs Bank N.A. , Washington, D.C.

Simon Kareri , Former Sr. Vice President & Sr. International Banking Mgr. , Riggs Bank N.A. , Silver Spring, Maryland

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 , Washington, D.C.

John Noonan , Former Assistant Deputy Comptroller, Office of the Comptroller of the Currency , U. S. Department of the Treasury , Washington, D.C.

Daniel P. Stipano [View PDF] , Deputy Chief Counsel, Office of the Comptroller of the Currency , U. S. Department of the Treasury , Washington, D.C.

Lester Miller , Examiner-In-Charge (Riggs Bank), Office of the Comptroller of the Currency , U. S. Department of the Treasury , Washington, D.C.

Panel 3

Andrew P. Swiger [View PDF] , Executive Vice President , ExxonMobil Production Company , Houston, Texas

Albert J. Marchetti [View PDF] , Vice President, International and Federal Relations , Amerada Hess Corporation , New York, New York

Steven P. Guidry , Central Africa Business Unit Leader , Marathon Oil Company , Houston, Texas

Committee on Homeland Security and Governmental Affairs
340 Dirksen Senate Office Building
Washington, D.C. 20510