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Role of U.S. Correspondent Banking in International Money Laundering

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Role of U.S. Correspondent Banking in International Money Laundering S. Hrg. 107–84 ROLE OF U.S. CORRESPONDENT BANKING IN INTERNATIONAL MONEY LAUNDERING HEARINGS BEFORE THE PERMANENT SUBCOMMITTEE ON INVESTIGATIONS OF THE COMMITTEE ON GOVERNMENTAL AFFAIRS UNITED STATES SENATE ONE HUNDRED SEVENTH CONGRESS FIRST SESSION MARCH 1, 2, AND 6, 2001 VOLUME 1 OF 5 Printed for the use of the Committee on Governmental Affairs ( VerDate 11-MAY-2000 11:19 Aug 16, 2001 Jkt 000000 PO 00000 Frm 00001 Fmt 6011 Sfmt 6011 71166.TXT SAFFAIRS PsN: SAFFAIRS COMMITTEE ON GOVERNMENTAL AFFAIRS FRED THOMPSON, Tennessee, Chairman JOSEPH I. LIEBERMAN, Connecticut, Ranking Democrat TED STEVENS, Alaska CARL LEVIN, Michigan SUSAN M. COLLINS, Maine DANIEL K. AKAKA, Hawaii GEORGE V. VOINOVICH, Ohio RICHARD J. DURBIN, Illinois PETE V. DOMENICI, New Mexico ROBERT G. TORRICELLI, New Jersey THAD COCHRAN, Mississippi MAX CLELAND, Georgia JUDD GREGG, New Hampshire THOMAS R. CARPER, Delaware ROBERT F. BENNETT, Utah JEAN CARNAHAN, Missouri HANNAH S. SISTARE, Staff Director and Counsel JOYCE A. RECHTSCHAFFEN, Democratic Staff Director and Counsel DARLA D. CASSELL, Chief Clerk PERMANENT SUBCOMMITTEE ON INVESTIGATIONS SUSAN M. COLLINS, Maine, Chairman CARL LEVIN, Michigan, Ranking Democrat TED STEVENS, Alaska DANIEL K. AKAKA, Hawaii GEORGE V. VOINOVICH, Ohio RICHARD J. DURBIN, Illinois PETE V. DOMENICI, New Mexico ROBERT G. TORRICELLI, New Jersey THAD COCHRAN, Mississippi MAX CLELAND, Georgia JUDD GREGG, New Hampshire THOMAS R. CARPER, Delaware ROBERT F. BENNETT, Utah JEAN CARNAHAN, Missouri CHRISTOPHER A. FORD, Chief Counsel and Staff Director LINDA J. GUSTITUS, Democratic Chief Counsel and Staff Director ELISE J. BEAN, Democratic Deputy Chief Counsel ROBERT L. ROACH, Democratic Counsel and Chief Investigator MARY D. ROBERTSON, Chief Clerk (II) VerDate 11-MAY-2000 11:19 Aug 16, 2001 Jkt 000000 PO 00000 Frm 00004 Fmt 5904 Sfmt 5904 71166.TXT SAFFAIRS PsN: SAFFAIRS C O N T E N T S Opening statements: Page Senator Collins.......................................................................................... 1, 51, 101 Senator Levin............................................................................................ 4, 53, 102 Senator Carnahan ............................................................................................ 9 WITNESSES THURSDAY, MARCH 1, 2001 John M. Mathewson, former owner of Guardian Bank and Trust (Cayman) Ltd., accompanied by Oscar C. Gonzalez, Esq. .................................................. 10 James C. Christie, Senior Vice President, Global Treasury Risk Management, Bank of America, Oakland, California ............................................................... 22 David A. Weisbrod, Senior Vice President, Treasury Services Division, The Chase Manhattan Bank, New York, New York ................................................. 27 FRIDAY, MARCH 2, 2001 Jack A. Blum, Partner, Lobel, Novins and Lamont, Washington, DC ................ 57 Anne Vitale, former Managing Director and Deputy General Counsel, Repub- lic National Bank of New York, and Current Special Litigation Counsel, HSBC USA, Inc., New York, New York ............................................................. 60 Robb Evans, Managing Partner, Robb Evans and Associates, Sun Valley, California .............................................................................................................. 62 Jorge A. Bermudez, Executive Vice President and Head of e-Business, Citibank, N.A., New York, New York ................................................................. 75 Carlos Fedrigotti, President and Country Corporate Officer for Citibank Ar- gentina, Buenos Aires, Argentina ....................................................................... 78 Martin Lopez, Vice President and Citibank Corporate Bank Head, Republic of South Africa ...................................................................................................... 80 TUESDAY, MARCH 6, 2001 Arthur O. Jacques, Esquire, Jacques Little Barristers and Solicitors, Toronto, Ontario, Canada ................................................................................................... 105 Joseph M. Myers, Acting Deputy Assistant Secretary (Enforcement Policy), U.S. Department of the Treasury, Washington, DC ......................................... 117 Mary Lee Warren, Deputy Assistant Attorney General, Criminal Division, U.S. Department of Justice, Washington, DC ................................................... 120 ALPHABICAL LIST OF WITNESSES Bermudez, Jorge A.: Testimony .......................................................................................................... 75 Prepared statement with attachments ........................................................... 180 Blum, Jack A.: Testimony .......................................................................................................... 57 Prepared statement .......................................................................................... 162 Christie, James C.: Testimony .......................................................................................................... 22 Prepared statement .......................................................................................... 143 Evans, Robb: Testimony .......................................................................................................... 62 Prepared statement .......................................................................................... 172 Fedrigotti, Carlos: Testimony .......................................................................................................... 78 Prepared statement .......................................................................................... 223 (III) VerDate 11-MAY-2000 11:19 Aug 16, 2001 Jkt 000000 PO 00000 Frm 00005 Fmt 5904 Sfmt 5904 71166.TXT SAFFAIRS PsN: SAFFAIRS IV Page Jacques, Arthur O.: Testimony .......................................................................................................... 105 Prepared statement with attachments ........................................................... 241 Lopez, Martin: Testimony .......................................................................................................... 80 Prepared statement .......................................................................................... 233 Mathewson, John M.: Testimony .......................................................................................................... 10 Prepared statement .......................................................................................... 139 Myers, Joseph M.: Testimony .......................................................................................................... 117 Prepared statement .......................................................................................... 250 Vitale, Anne: Testimony .......................................................................................................... 60 Prepared statement .......................................................................................... 168 Warren, Mary Lee: Testimony .......................................................................................................... 120 Prepared statement .......................................................................................... 256 Weisbrod, David A.: Testimony .......................................................................................................... 27 Prepared statement .......................................................................................... 156 APPENDIX ‘‘Correspondent Banking: A Gateway to Money Laundering,’’ report by the Minority Staff Report of the Permanent Subcommittee on Investigations (see contents for report on page 274) ................................................................. 273 EXHIBITS * May be found in the files of the Subcommittee Page 1. Diagrams on correspondent banking .............................................................. 692 2. American International Bank marketing documents .................................... 694 3. Three nested banks at American International Bank ................................... 697 4. Bank of America call memo on American International Bank ..................... 698 5. American International Bank’s correspondent account history .................... 699 6. Internet gambling advertisement naming Bank of America ......................... 700 7. Fortuna Alliance deposits into Swiss American Bank account at Chase Manhattan ......................................................................................................... 702 8. Chase Manhattan Bank e-mail of 9/10/99 concerning Swiss American/ Antigua Bank .................................................................................................... 703 9. Chase Manhattan Bank e-mail of 8/5/98 regarding Swiss American Bank . 706 10. Chase Manhattan Bank memo of 11/17/98 regarding Swiss American Bank ................................................................................................................... 707 11. Frauds through Swiss American Bank/Swiss American National Bank ..... 708 12. Chase Manhattan Bank e-mail of 12/6/99 regarding Swiss American Bank ................................................................................................................... 709 13. Internet gambling advertisements naming Chase Manhattan Bank ........... 710 14. Chase Manhattan Bank e-mail of 3/19/93 regarding Swiss American Bank ..................................................................................................................
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