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Panama-based Balboa Bank & Trust seized following U.S. probe
Source: Reuters
Business | Thu May 5, 2016 9:33pm EDT
Panama-based Balboa Bank & Trust seized following U.S. probe
The U.S. Treasury on Thursday blacklisted an extensive Panama-based money laundering operation that allegedly helped multiple drug trafficking groups hide the source of their illicit gains through various companies, including Balboa Bank & Trust.
The U.S. Treasury's Office of Foreign Assets Control (OFAC) said the operation, led by Nidal Waked Hatum and Abdul Waked Fares, used 68 companies including Grupo Wisa - a holding company that includes real estate, construction, retail and media businesses.
Panama's banking regulator said it was taking control of Balboa Bank & Trust due to its alleged links to the money laundering scheme.
"
Treasury's move) puts at risk the interests of (Balboa) depositors ... given that the prestige of the banking group is in question, and a substantial portion of its liquid assets are located in foreign jurisdictions subject to seizure," the regulator said in a statement, adding there was no risk of contagion to Panama's banking system.
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Panama-based Balboa Bank & Trust seized following U.S. probe
The U.S. Treasury on Thursday blacklisted an extensive Panama-based money laundering operation that allegedly helped multiple drug trafficking groups hide the source of their illicit gains through various companies, including Balboa Bank & Trust.
The U.S. Treasury's Office of Foreign Assets Control (OFAC) said the operation, led by Nidal Waked Hatum and Abdul Waked Fares, used 68 companies including Grupo Wisa - a holding company that includes real estate, construction, retail and media businesses.
Panama's banking regulator said it was taking control of Balboa Bank & Trust due to its alleged links to the money laundering scheme.
"
Treasury's move) puts at risk the interests of (Balboa) depositors ... given that the prestige of the banking group is in question, and a substantial portion of its liquid assets are located in foreign jurisdictions subject to seizure," the regulator said in a statement, adding there was no risk of contagion to Panama's banking system.
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Read more: http://www.reuters.com/article/us-panama-usa-bank-idUSKCN0XX03R
