RTFA: http://archives.econ.utah.edu/archives/marxism/200…

Riggs Is Set to Plead Guilty to Crime
Fine Could Hit $18 Million
In Money-Laundering Case;
PNC Deal’s Fate Is Unclear

By JOHN R. WILKE and MITCHELL PACELLE
Staff Reporters of THE WALL STREET JOURNAL
January 26, 2005

WASHINGTON – 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, including former Chilean
dictator Augusto Pinochet.

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, people close to the case said.

Directors are expected to accept the plea and the bank
would pay a fine of between $16 million and $18 million.
The deal could be announced as soon as tomorrow, these
people said.

(more…)