U.S. Senate Committee on 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.

Witnesses

Panel 1:
Lawrence I. Hebert , 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 , 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 , Executive Vice President , ExxonMobil Production
Company , Houston, Texas

Albert J. Marchetti , 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


Fuente: Senado de Estados Unidos de América

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