Senate Permanent Subcommittee on Investigations Examines the Role of U.S. Correspondent Banking in International Money Laundering

On March 1, 2, and 6, 2001, the Permanent Subcommittee on Investigations held hearings on the role of U.S. correspondent banking in international money laundering. On March 6, Senator Susan M. Collins (R-Me.), Subcommittee Chairman, summarized the hearings, explaining that John Mathewson, who is a convicted former owner of a bank in the Cayman Islands, testified about the crucial importance of correspondent banking relationships to “shady offshore money laundering institutions”…[more]