Reply #2: WaPo is still on it too [View All]

http://www.washingtonpost.com/wp-dyn/articles/A7959-2004Jun1.html

Regulators to Say Monitoring Of Riggs Wasn't Satisfactory

By Kathleen Day
Washington Post Staff Writer
Wednesday, June 2, 2004; Page E01

Comptroller of the Currency John D. Hawke Jr. and another top regulator at the agency will tell Congress they failed to move quickly enough to fix years-long money-laundering violations at Riggs Bank, sources familiar with the testimony said yesterday.

Hawke's plan to say his agency stumbled on the job -- a failure that let regulatory lapses at the bank continue for several years -- comes as House and Senate committees prepare for hearings today and tomorrow on anti-money-laundering efforts.

Two weeks ago, in advance of the hearings and in the wake of sharp criticism of bank regulators by lawmakers at similar hearings last month, Hawke launched an internal top-to-bottom review of his agency's oversight of Riggs, going back to 1997.

"I want your full and frank assessment as to whether our examination team took appropriate and timely actions," Hawke said in a memo ordering the review. "You should also seek to determine whether there were any inappropriate influences that may have affected our supervisory activities in this case."

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