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

Permanent Subcommittee on Investigations

Location: Room 342, Dirksen Senate Office Building

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Agenda

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.

This Subcommittee hearing examined 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  examined 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 also examined the OCC’s anti-money laundering oversight and enforcement actions. In addition, the hearing examined the activities of some oil companies in Equatorial Guinea.

In conjunction with these hearings, the Subcommittee Minority Staff issued a report entitled "Money Laundering & Foreign Corruption:  Enforcement and Effectiveness of the Patriot Act."  The Report is available via the link located at the top left corner of this webpage. 

Witnesses

Panel 1

  • Lawrence I. Hebert
    President and CEO
    Riggs Bank N.A.
    Washington, D.C.
    Download Testimony (126k)
  • Raymond M. Lund
    Former Executive Vice President, International Banking Group
    Riggs Bank N.A.
    Washington, D.C.
    Download Testimony (123.3 KB)
  • R. Ashley Lee
    Executive Vice President & Chief Risk Officer
    Riggs Bank N.A.
    Washington, D.C.
    Download Testimony (123.3 KB)
  • 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.
    Download Testimony (164.5 KB)
  • John Noonan
    Former Assistant Deputy Comptroller, Office of the Comptroller of the Currency
    U. S. Department of the Treasury
    Washington, D.C.
    Download Testimony (164.5 KB)
  • Daniel P. Stipano
    Deputy Chief Counsel, Office of the Comptroller of the Currency
    U. S. Department of the Treasury
    Washington, D.C.
    Download Testimony (155k)
  • 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
    Executive Vice President
    ExxonMobil Production Company
    Houston, Texas
    Download Testimony (74k)
  • Albert J. Marchetti
    Vice President, International and Federal Relations
    Amerada Hess Corporation
    New York, New York
    Download Testimony (23k)
  • Steven P. Guidry
    Central Africa Business Unit Leader
    Marathon Oil Company
    Houston, Texas
    Download Testimony (40 KB)