Bush Vows Probe of Riggs Money-Laundering Allegations (Update1)

[seemslikeadream]

July 19 (Bloomberg) -- President George W. Bush said allegations of money-laundering at Riggs National Corp. are being investigated after a U.S. Senate report found the bank helped former Chilean dictator Augusto Pinochet hide millions of dollars from prosecutors.

``The people of Chile must know there will be a full investigation,'' Bush told reporters while meeting with Chilean President Ricardo Lagos. ``You're seeing a transparent society dealing with allegations. The Riggs Bank is being fully investigated and they'll be investigated in a very open way.''

The Riggs case has led the U.S. government to consider regulatory changes such as giving a single agency greater authority to enforce laws against laundering and terrorist financing, the New York Times reported, citing congressional leaders. PNC Financial Services Group Inc., Pennsylvania's biggest bank, agreed Friday to buy Washington-based Riggs for $779 million.

Bush told reporters that Lagos ``wants to know the truth'' about the Riggs case. The Senate report also cited Riggs for lapses in reporting suspicious transactions involving Saudi diplomats who may have had ties to two Sept. 11 hijackers.

Bush also said that Chile has played a constructive role before Venezuela's planned Aug. 15 referendum over whether to recall the country's president, Hugo Chavez.
Venezuela must hold an ``honest and open'' referendum, and welcome observers, Bush said.
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on edit no mention of uncle Jonathan Bush