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BREAKING NEWS ~ Riggs Bank pleads guilty to money laundering

[JURIST] Reuters is reporting that Riggs Bank [official website] has pleaded guilty to money laundering charges and agreed to pay $16 million. The charges stem from the bank's handling of finances for diplomats and foreign officials, including former Chilean dictator Augusto Pinochet. The plea could jeopardize a takeover deal with PNC Financial Services Group [official website]. Riggs was implicated in a report on money laundering and foreign corruption [text, PDF] last summer by the US Senate Permanent Subcommittee on Investigations of the Committee on Governmental Affairs. AP has more on the anticipated charges.

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