CANADIAN AND AMERICAN BANKS ARE REFUSING TO TRANSFER FUNDS TO PANAMA

Ricardo Martinelli

Businessmen in Canada and the United States are reporting that several of their banks are declining to execute any wire transfers to banks in the Republic of Panama, if the amount exceeds $5000. Some banks in the European Union have also initiated a block on all substantial funds transfers to Panama.

Sources in Panama have advised that there are criminal charges to be filed in the Republic, against prominent former members of the Martinelli administration, involving money laundering and corruption, and there are unconfirmed reports that sealed indictments already exist in the United States, against some of the individuals responsible for the rampant money laundering that has plagued Panama since Ricardo Martinelli Berrocal came to power in 2009.

Country Risk assessments for Panama has now reached the point where any and all financial commerce, including new investment, could very well be red-lined by compliance officers