Riggs of US sidelines risk officer

[seemslikeadream]

Charlie Gibson, Evening Standard
10 August 2004

THE US 'diplomat's bank' Riggs, in the dock for allegedly allowing money-laundering and shady deals with Saudi envoys, has placed chief risk officer Ashley Lee on administrative leave.



The Washington-based bank and the Office of the Comptroller of the Currency (OCC) face a Justice Department investigation, with Lee centre-stage, over apparent failure to follow US federal money-laundering laws.


Lee had been the OCC's examiner-in-charge of Riggs at the time of the alleged offences until his retirement in 2002, when he joined the bank. Riggs plans to sell its hallmark embassy banking business 'as soon as practicable'.

more
http://www.thisislondon.co.uk/news/business/articles/timid81262?source=

[emad]

1. Now I know things is getting serious if the diddly-squat London

Evening Standard finally gets its awesome fangs into this story....some five weeks after the rest of Planet Earth! Can't wait for the day when the headlines "Ex-US Ambassador Farish led Riggs downfall and paid ultimate price"....