February 25, 2005: Riggs Bank Officials Pay $9 Million in Reparations for Victims of Pinochet; Bank Laundered Money for Dictator

Riggs Bank and two of its executives, Joe L. Allbritton, and his son, Robert, agree to pay a total of $9 million to victims of former Chilean dictator Augusto Pinochet for the bank’s alleged role in laundering $1.6 million from Pinochet’s bank account in London to the Riggs branch in Washington in 1999. Joe and Robert Allbritton will pay $1 million while the bank will pay the remaining $8 million. The suit was brought against the bank in a Spanish court by Madrid prosecutor Baltasar Garzon. In Spain, anyone can be tried for genocide, torture, or other human rights abuses that are committed against Spanish citizens. In exchange for the payment, the Spanish court has agreed to drop criminal charges against current and former directors and officers of Riggs. [Washington Post, 2/26/2005]