Money Laundering and Foreign Corruption Using the Case History of Riggs Bank

In the final part of an exclusive series of four webinars Elise Bean, former Staff Director and Chief Counsel of the U.S. Senate Permanent Subcommittee on Investigations, will explore the case of Riggs Bank. Riggs, a D.C. based commercial bank with branches around the world, was effectively shut down by means of a merger in 2005 following revelations that it handled deposits from Augusto Pinochet, the Saudi royal family and the dictator of Equatorial Guinea among others. Elise will consider what can be learnt from the case for financial crime prevention regimes today.

Learning outcomes:

  • Examine the due diligence and management failures that led to the collapse of Riggs
  • Translate these into practical best practice guidance

Especially relevant to:

  • Bank compliance officers
  • NGO / Policy professionals
  • Regulators
  • Legal professionals

Sectors & regions:

  • UK
  • US
  • Europe
  • AML / CFT
  • Banking
  • Governmental
  • Due diligence & compliance
Guest Presenter

Elise Bean

From 1985 to 2014, Elise Bean worked for U.S. Senator Carl Levin (D-Mich.), including 15 years at the U.S. Senate Permanent Subcommittee on Investigations. Appointed his Subcommittee staff director and chief counsel in 2003, Ms. Bean handled investigations, hearings, and legislation, including matters involving money laundering, offshore tax abuse, corruption, corporate misconduct, and shell companies. After Senator Levin retired in 2014 and established the Levin Center at Wayne Law, Ms. Bean joined his efforts to strengthen legislative capacities at the national, local, and international levels to conduct investigations and oversight.

Ms. Bean graduated Phi Beta Kappa from Wesleyan University and received a law degree from the University of Michigan. She clerked for the Chief Judge of the U.S. Claims Court, and worked for two years at the U.S. Department of Justice. In 2013 and 2011, the Washingtonian magazine named her one of Washington’s 100 most powerful women. In 2010, the National Law Journal selected her as one of Washington’s most influential women lawyers.

You can claim CPD minutes for reading this article, by signing up to our CPD Wallet

Must Read

Pursuing unexplained wealth in Nigeria: It’s time to take on the enablers

Despite the efforts of the incumbent President to fight corruption, Nigeria remains one of the countries that constantly top the world’s corruption rankings. According to  Transparency International’s 2017 Corruption Perception Index, Nigeria is one of the most corrupt countries in the world, ranking number 148 out of 180 countries covered… Read More

The perfect AML programme: A ten point guide

Does the ‘perfect’ path to anti-money laundering (AML) exist? The quest for the perfect plan can be traced back to criminals causing immeasurable damage for many economies through money laundering. In response, governments are continuously trying to fight back, issuing a raft of rules and penalties for financial institution (FIs)… Read More