US ready to fine Riggs Bank

<br>(Washington-AP) -- Riggs Bank could be fined by federal bank regulators as early as this week for not reporting millions of dollars in suspicious transactions. <br><br>The Washington Post reports the

Monday, April 19th 2004, 12:00 am

By: News On 6

(Washington-AP) -- Riggs Bank could be fined by federal bank regulators as early as this week for not reporting millions of dollars in suspicious transactions.

The Washington Post reports the FBI, bank regulators and three congressional committees have been investigating the bank's international relationships. Investigators are looking at the accounts of the Saudi Arabian embassy in Washington for evidence of money laundering. There are also questions about Saudi money transfers to organizations the US says have terrorist ties. Embassy officials say the payments were for charities and non profit groups.

A federal grand jury is also investigating possible money laundering in accounts held by officials of Equatorial Guinea.