|Lic. Mossack y Fonseca
|President Juan Carlos Varela
Finally, the Superintendency of Banking has taken over the Panama office of the Brazilian bank, FPB Bank, Inc., over allegations that the bank was involved in the Brazilian Lava Jato (Car Wash)* scandal, in which lucrative contracts for the government oil entity, Petrobras were obtained through bribery.
More than fifty Brazilian politicians, including those at the highest level, have been implicated. In the bank's Panama operation, there was reportedly a total and complete lack of any Know Your Customer procedures, regarding accounts opened to foreigners, and that FPB was a conduit for laundering corrupt payments.
* Known by this title, because the initial investigation found car washes and laundries were being used to launder the corrupt payments made to government officials.