Combating Money Laundering: Round Two
This chapter presents a second set of Levin-led anti-money laundering investigations. One inquiry, in 2004, examines how Riggs Bank, specializing in serving embassies, handled suspect funds for foreign officials, including Teodoro Obiang, president of Equatorial Guinea, and Augusto Pinochet, former president of Chile. Another inquiry, in 2010, exposes how Mr. Obiang, as well as leaders from Gabon, Nigeria, and Angola, used shell companies, lawyers, a lobbyist, and university officials to infiltrate U.S. banks and move suspect funds. A 2012 inquiry discloses how a global bank, HSBC, helped Mexican drug traffickers, Russian fraudsters, and rogue regimes like Iran move dubious funds through its U.S. branch. This chapter also describes law enforcement actions and regulatory reforms to curb the abuses.