Funny money.Riggs Bank Riggs Bank was a Washington, DC-based commercial bank with branches located in the surrounding metropolitan area and offices around the world. For most of its history, it was the largest bank in the nation's capital. , a Washington institution for ages--its flagship branch is actually depicted on the $10 bill--was recently fined $25 million for failing to report suspicious transactions in the accounts of the embassies of Saudi Arabia Saudi Arabia (sä `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. and Equatorial Guinea Equatorial Guinea (gĭn`ē), officially Republic of Equatorial Guinea, republic (2005 est. pop. 536,000), 10,830 sq mi (28,051 sq km), W central Africa. . It seems that possible violations of rules against money laundering The process of taking the proceeds of criminal activity and making them appear legal.Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. by Riggs had been discovered as early as 1997. Why then did the government take seven years to act? Your guess is as good as mine, but you may be interested to know that the comptroller of the currency's examiner-in-charge from 1998-2002 became a vice president of Riggs when he left the government. Doesn't this remind you of the woman who became a Boeing executive after leaving her job at the Air Force, where she had awarded Boeing an unusually lucrative contract? |
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`dē ərā`bēə, sou`–, sô–)
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