User Rating: 2 / 5
**US TREASURY, DEA & IRS INVESTIGATING SEVERAL 
COMPANIES & INDIVIDUALS IN PANAMA FOR MONEY LAUNDERING **
FROM THE - JOURNALS of Monte Friesner ~ Financial Crime Consultant for WANTED SA ~
Tuesday February 15, 2011 >
WANTED SA has been informed this morning that various US Law Enforcement Agencies have set up a Special Division in Panama to investigate numerous companies, real estate developers, real estate companies, law firms, automobile agencies and others in 2011.
Panama has worked hard in recent years to improve its image, as a haven for ill-gotten gains, seizing the assets of numerous criminals and agreeing to cooperate with various agencies; such as, Canada, USA, UK and others to soften strict bank secrecy to help other countries catch drug cartels and money laundering operations.
"KNOW YOUR CUSTOMER"
"Banks in Panama have no incentive, rejecting putting the burden of proof on bank, law firms, and real estate clients; such as well known Real Estate Developers and connected Real Estate Firms in Panama.
Stung by scandals in the past 18 months, the Panama Banking Industry drew up their own due diligence rules; that set out the "Know Your Customer" principle that demands a bank, law firm and real estate firm to properly establish the identity of the beneficial owner of an account or asset is not being observed, as has been reported in the past few months of the various scandals concerning Drugs and Money Laundering.
So where is the money coming from for these massive commercial office towers, hotels and office buildings in Panama whose units are owned by Americans, Russians, Europeans and Canadians who cannot prove the origin of their money?
More to come on this!
WANTED SA kindly thanks Westlaw, Arutz Sheva, Associated Press, and all the Parties, Press, Journalists, Law Enforcement and Securities forces who have contributed to this article and their sincere opinions and statements.
WANTED SA states that the facts and opinions stated in this article are those of the author and not those of WANTED SA. We do not warrant the accuracy of any of the facts and opinions stated in this article nor do we endorse them or accept any form of responsibility for the articles.
