COMPLAINT ACCUSES THIRTEEN PANAMANIAN BANKS OF LAUNDERING PAN MONEY

A Denuncia Criminal, filed this week with Panama's Organized Crime Prosecutor, has alleged that thirteen major Panamanian banks accepted funds stolen or diverted from the PAN project. The attorney has chosen to assert the claims against the banks through the legal representatives of the respective financial institutions, who are named in the filing.

The names of the banks:

1.   BANCO GENERAL  SA
2.   GLOBAL BANK
3.   BANESCO
4.   UNIBANK
5.   ST. GEORGES BANK
6.   BANISTMO
7.   BANCO FICOHSA
8.   BANCO PANAMA
9.   BANCO UNIVERSAL
10. BANCO LA HIPOTECARIA SA
11. CREDICORP BANK
12. TOWER BANK
13. BALBOA BANK & TRUST


With the understanding that these are only allegations, but also bearing in mind that there have been public disclosures of damning evidence implicating some of these banks, I am identifying them for the benefit of compliance officers at financial institutions in the US & Canada. I leave it in your hands what you do with the information, but in a world where rumors abound of North American banks that will not accept any wire transfers from Panamanian banks, in excess of $2500.00, and amid well-placed fears of compliance avoidance at some banks, your bank should decide its level of risk appetite, and govern itself accordingly.