The Permanent Subcommittee on Investigations hearing, “Keeping Foreign Corruption Out of the United States: Four Case Histories,” examined how some politically powerful foreign officials, their relatives, or close associates – referred to in international agreements as “Politically Exposed Persons” or PEPs – have used the services of U.S. professionals and U.S. financial institutions to bring millions of dollars in suspect funds into the United States to advance their interests. Four case histories presented at the hearing illustrated how some PEPs have used U.S. lawyers, realtors, escrow agents, lobbyists, bankers, and others to circumvent U.S. anti-money laundering and anti-corruption safeguards. It also looked at how some U.S. professionals have actively helped PEPs avoid bank scrutiny or facilitated suspect transactions with no questions asked. The hearing also examined whether U.S. policies and practices to combat foreign corruption and money laundering need strengthening. Hearing witnesses included government agencies, including the State Department, Immigration & Customs Enforcement (ICE), and Financial Crimes Enforcement Network (FinCEN), as well as lawyers, a realtor, and representatives of financial institutions.
In conjunction with this hearing, the Subcommittee Staff issued a report entitled, “Keeping Foreign Corruption Out of the United States: Four Case Histories.” The Report is available via the link located at the top left corner of this webpage.
Realtor for Equatorial Guinea Cabinet Minister Teodoro Obiang Nguema Mangue
Insured Aircraft Title Service, Inc.
Senior Vice-President and Global Anti-Money Laundering and Economic Sanctions Executive
Bank of America
Director, General Compliance, Personal Financial Services, Anti-Money Laundering Compliance
HSBC Bank USA, N.A.
Assistant Secretary for International Narcotics and Law Enforcement Affairs
U. S. Department of State
Assistant Director, Office of Investigations
Immigration & Customs Enforcement (ICE)
Financial Crimes Enforcement Network (FinCEN)