Sunday 7 March 2021

Panama Denies to U.S. Risk of Money Laundering

Panama City, Panama
Panama City, Panama

(Q24N) he Government of Panama rejected today the remarks of the Department of Financial Services of New York (NYDES), of the United States, as a high-risk jurisdiction for money laundering.

The Minister of Economy and Finances Dulcidio De la Guardia told reporters he received an official communique of the U.S. Treasury Department or the State of New York, rejecting the remark.

- Advertisement -

In a document revealing a sanction of 180 million dollars to Taiwan’s Mega International Commercial Bank, for not complying with U.S. norms regarding capital laundering, the regulator referred to certain suspicious activities that involve a subsidiary of the Asian Bank in Panama.

NYDES affirmed the isthmus ‘has historically been recognized as a high-risk juruisdiction for money laundering, and only this year was announced that Panama was not object to a monitoring process by the Group of Financial Activity (GAFI)’.

De la Guardia explained that ‘opening a bank account in this account is very complicated, a great deal of information is requested. But it is easy to hit a fallen tree. That is what is happening’, lamented the official.

‘If the Bank of New York did not comply with the requirements, that is a responsibility of the regulator of New York, the same as it is a responsibiliuty of the Superintendency of Banks of Panama (SBP) that banks in Panama comply with the norm’, he argued.

- Advertisement -

Last Monday, the superintendent Ricardo Fernandez informed that an investigation was opened in Panama on the Taiwan entity, after the sanction imposed by NYDES.

The information offered by the New York regulator identifies a relation between the bank information and the revelations of Panama lawfirm Mossack Fonseca, known as Panama Papers, although the U.S. ambassador in this capital, John Feeley, denied such a relation, according to daily La Estrella.

Andres Fernandez, expert in financial issues, assured the newspaper that ‘there are regulations pending in the United States for years and, after the Panama Papers scandal, a new regulatory framework was casually approved in its final form’.

Political analysts suspiciously see these actions that attempt against the economy of the country and, for the second time, comes from a U.S. government institution.

‘After the debacle and bankruptcy of the French Channel there has not been a dismantlement, suffocation and destruction process of a comercial conglomerate in Panama like the Waked Case’, denounced the Bayano newspaper in its digital edition.

It referred to the form in which the French enterprise that started the Panama Canal was forced to sell its assets to the U.S. government, at lower prices than its true value, and the recent inclusion iun the Clinton List of the Waked family empire, whose owner is forced to rid himself from its assets, under an extraterritorial sanction.

- Advertisement -

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Q24N
Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

Related Articles

It’s been 7 years, but it’s done: Costa Rica and Panama complete Sixaola border bridge

QCOSTARICA - After almost three years of starting the work and...

Border runs in times of Covid

Q EXPAT FOCUS - March 2 is quickly approaching and many...

MOST READ

Unemployment in Costa Rica has affected women the most during the pandemic

QCOSTARICA - The latest unemployment figures show that women have been affected the most during the pandemic: more than a quarter of the female...

What should Biden do about Venezuela?

Q REPORTS - Former US President Donald Trump's policy of maximum pressure on the Venezuelan dictatorship failed to dislodge the regime or alleviate the...

Greater demand for dollars in OPCs worries the Central Bank

QCOSTARICA - Complementary Pension Operators - Operadoras de Pensiones Complementarias (OPC) -  have become, in recent years, increasingly dollar-thirsty participants in the Costa Rican...

24 Travelers found with false covid-19 test at San Jose airport

QCOSTARICA - A total of 24 travelers, so far, face problems with the law when discovered trying to leave Costa Rica, through the San...

Consumer confidence improves slightly in early 2021

QCOSTARICA - Consumer pessimism decreased slightly for February 2021, compared to November of last year, however, uncertainty around the economy remains high and the...

Loans in dollars loses attractiveness for those who earn in colones

QCOSTARICA - Loans in dollars, which had a great boom in 2000, began to slow down since 2016 and today, despite the fact that...

Mass Demonstration Expected Friday in Downtown San Jose

QCOSTARICA - Public worker unions from the Education, Health, Judiciary, Transport, and public universities, among others, will join forces this Friday, March 5, in...

Nicaragua begins vaccination against covid-19 in people with chronic diseases

TODAY NICARAGUA – Nicaragua, on Tuesday, March 2,  began to apply the Russian Sputnik V vaccine against covid-19 to people with chronic diseases, in...

The Quijongo!

QCOSTARICA - The quijongo is now in very good health thanks to the care of the people of Guanacaste, who are dedicated to protecting...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.