Regulatory agencies in the Republic of Panama are reportedly conducting an investigation into the Source of Funds, and capitalisation, of a number of the country's financial institutions and money service businesses, after they received information regarding the use of criminal proceeds to fund banks and non-bank financial institutions (NBFIs), which include financieras, and other entities.
Amongst the cases under investigation are:
(1) An individual permanently barred from the Securities business, in the United States, by the Securities & Exchange Commission (SEC), seeking to purchase a financiera in 2013 in Panama.
(2) An individual, involved in a massive bank failure, and suspected fraud in Grenada, purchasing and operating a financiera in Panama, with a prior money laundering case in the US.
Readers please note that, under the appropriate circumstances, a financiera license can be converted into a full-service banking license, under Panamanian law, thus providing a "back-door" method of access to the global financial structure.
(3) Ownership of stock in financial institutions, by known members of Panama's Syrian Organised Crime community, and new efforts, by its leaders, to purchase a 100% interest in an available bank.
Does Panama need to clean house ? Absolutely. I am not releasing the names of the cases above, due to the pending investigation; stay tuned for updates.