Kenneth Rijock

Kenneth Rijock

Tuesday, August 23, 2016

SANCTIONED MEGA BANK'S CLIENTS USED MOSSACK FONSECA LAW FIRM


While it is not a prominent feature of the Consent Order, entered by the New York State Department of Financial Services, against Mega International Commercial Bank Co., of Taiwan, " a substantial number of customer entries, which have or had accounts at several other Mega Bank branches, were apparently formed with the assistance of the Mossack Fonseca law firm in Panama. Mossack Fonseca is one of the law firms at the center of the formation of shell company activity, possibly to skirt banking and tax laws worldwide, including US laws designed to fight money laundering."

Mega Bank, which has drawn a $180m fine, had no less than two branches located in the Republic of Panama; One in Panama City, and more ominously, one in the Colon Free Zone, which many regard as the global center of the Black Market Peso Exchange. We are wondering why no bank compliance officers have been charged, or even named, by NYSDFS.  Mega's BSA Officer for New York was based in Taiwan ! How on earth was he expected to properly discharge his duties, when he worked in another part of the world ?


No comments:

Post a Comment

Note: Only a member of this blog may post a comment.