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Bush-Connected Riggs Bank Fined For Saudi Dealings

HeadlineMay 18, 2004

More connections between the Bush family and Saudi Arabia have emerged in the Riggs Bank scandal. Last week federal regulators fined Riggs Bank a record $25 million for “willful, systemic” violations of anti-money laundering laws in part due to the banks failure to monitor tens of millions of dollars in cash withdrawals from the Saudi Arabian embassy. Riggs Bank is headed by a longtime friend of President Bush’s, Joe Allbritton. The president’s uncle Jonathan Bush works as the CEO of the investment arm of Riggs Bank.

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