Riggs Bank Set to Plead Quilty to Crime

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00008196-riggs-bank-set-to-plead-quilty-to-crime/

Riggs Bank N.A., whose international dealings helped trigger a federal crackdown on money laundering by U.S. financial institutions, is expected to plead guilty to a criminal charge arising from its services for foreign embassies and wealthy clients, the Wall Street Journal reported on Wednesday.

The Riggs board has been presented with a plea agreement by prosecutors in which the bank would admit to one count of violating the Bank Secrecy Act by failing to file reports to regulators on suspicious transfers and withdrawals by clients, the article said, citing people close to the case.

For this complete story, please visit Riggs Bank Set to Plead Quilty to Crime.

Riggs Bank Set to Plead Quilty to Crime

Unknown Author

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