Sunday, March 1, 2015


The Secretary-General of the Anti-Corruption Front of Panama, in a press conference, announced that corruption, at the highest level, pervades the government, and must be rooted out. He stated that the organization's investigation uncovered 300 corrupt PEPs in government, all of whom have become millionaires, due to their participation in corrupt activities.

He further indicated that 89 of the corrupt PEPs were from former Panamanian President Ricardo Martinelli's administration. Martinelli fled Panama, after his attempts to obtain immunity through membership in the Central American Parliament were unsuccessful; he claims to be in the United States, but there have not been any sightings there to confirm that, and insiders in Panama assert that he is living in palatial splendor in Paraguay, where he cannot be extradited.

The other bombshell dropped this weekend by the Secretary-General, Zulay Rodríguez: Some of the illegal profits earned in the Financial Pacific went for the purchase of arms, which were destined for terrorist groups located in the Middle East. This information was obtained from witnesses who have first-hand knowledge of the matter. The names of the terrorist organizations have not been disclosed.

We are monitoring unfolding investigations in the Republic of Panama, and will continue to report in all developments as they occur. Only a few names have surfaced, regarding the three hundred PEPs who are said to have enriched themselves through corruption, but the announcement alone is sufficient to require compliance officers at banks in North America (especially Canada) and the European Union, to revisit all their wealthy Panamanian customers, and initiate enhanced due diligence forthwith, to identify, and exit, any whose assets cannot be explained by legitimate income sources.

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