Readers have enquired about additional details regarding how accused Miami money launderer Oscar Sanchez was able to transfer $63m of illicit Medicare money into Cuba. For those who have not seen that article, read Miami Money Launderer moved $63m to Cuba*.
An additional piece of the puzzle emerged today; how was the laundryman able to transfer funds from the Trinidad financial institution, Republic Bank, into Cuban banks, from Miami ? Federal Court records state that in at least two of Sanchez front companies' Republic accounts at its Havana branch, he had established standing instructions to wire all the money received, immediately, into banks in the Cuban banking system. The names of those banks have not yet been released, but all are controlled by the government.
Where is the money now ? We cannot say, but as more evidence is made public in the criminal case, some indication of the ultimate destination, and use, of these illicit millions, may emerge.
Did the Cuban government facilitate (and financially benefit) from these transfers ? Absolutely, even in the absence of definitive supporting evidence. In a Communist controlled economy, no major bank transfers can be accomplished without governmental review, and approval. Therefore, assume that some very Senior PEPs within the Government of Cuba received substantial bribes/payoffs to allow these transfers, and to consent to the establishment of large capitalist accounts within the Cuban banking system.
Where do the bribes go ? Many senior Cuban PEPs have been depositing illicit profits, whether earned from the narcotics trade, from bribes and kickbacks, or other illegal sources, for decades, in offshore financial centres, especially Switzerland. Are you banking any Cuban nationals who could possibly be PEPs ? Have they deposited any large sums of money lately ?
*http://blogspot.com/2012/06/miami-money-launderer-moved-63m-to-cuba.html
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