But they were also very clear that they wanted not just a clearing, they wanted the 'hold' and the 'build,' and they wanted legitimate and responsive governance at the end of the day when it was all over.

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

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

I believe that we must work with this contingency in mind and plan to exit the country.

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

We are not going to let the laws of the Bahamas or anywhere else deny us information which we legitimately seek.

Treasury Secretary Geithner has endorsed at least the principle of our bill.

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

That is exactly what I am referring to, Senator.

You folks are encouraging your client to move money offshore to avoid legal process in your home country.

Now, why did you close those accounts?

Is it your intention to assert your Fifth Amendment privilege to any question that might be directed to you by the Subcommittee today?

it is important that happens because we don't have much standing to go after secret bank accounts and hidden bank accounts in offshore jurisdictions if we tolerate not knowing who the beneficial owners are of our own bank accounts here.

So you would agree that those accounts are actually the epitome of high-risk accounts and should have been handled that way?

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

I think you ought to ask them, where is that code of conduct in terms of the misuse of their accounts.

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

I believe so and I am very proud that our record on that matter has evolved to where we are today.

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

I believe you indicated there was an increase in staffing, and I wasn't sure exactly where that increase was.

We are grateful for that.

But there was an agreement reached which was then not implemented.

The laundering of funds derived from high-level corruption is a concern.

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

Could we have caught that sooner? Absolutely.