Carl Levin

One of the suspicious things, I think you would agree, is that instead of a mortgage on a $30 million property, that there was $30 million wired into an escrow account.

And what this transaction shows is really the power of the PATRIOT Act.

Mr. Chairman, I want to amend my answer.

We want to know whether or not HSBC Equator, whether HSBC, the main branch, has opened up any offshore tax haven accounts for PEPs or for other national banks.

What these documents show is quite the opposite, that you facilitate people evading the law of your own country--back then.

We want to thank you for taking this step. It is an important step.

Mr. Fox, let me ask you about the Falcone accounts at Bank of America.

In that case, you will now be subpoenaed to a deposition, sir.

You can then decide whether you are going to assert a Fifth Amendment privilege.

The Subcommittee is not going to rule on your claim of attorney-client privilege because you have exercised your Fifth Amendment rights.

We are grateful for that.

I think it was very important for the Subcommittee to get the information that we got.

You would foreclose the possibility of discovery at some future point of criminal conduct you might want to pursue.

Well, our report looks at two pretty big loopholes--or three of them, actually, because lawyers ought to be included in this.

Is there some sense of reluctance to really take a close look at and monitor an attorney-client or a law firm account?

That is exactly what it does reflect. That is precisely what it says.

I think you would agree that was a highly unusual request.

We are appreciative of that cooperation of you and other witnesses.

Mr. Birrell, did your company, the Grace Group, receive funds from both Mr. Omar Bongo, and an entity named Ayira?

I congratulate you. I think you are well on the way with your bill that you are introducing, which we hopefully can work out, then I can cosponsor.

Stopping the flow of illegal money is critical because foreign corruption damages civil society, undermines the rule of law, and threatens American security.

And it was suspicious or suspect funds, was that true?

I think that would really help us in our ability to defend the Nation.

Actually, when President Obama was a Senator, he cosponsored our bill.

Has there been formal consideration by the Treasury to end these exemptions?