COLOMBIAN  media reporting  the arrest  of Panama businessman  Nidal Waket at  El Dorado airport in Bogota on Wednesday May 5 described him  as one of the  world’s largest scrubbers of money.

He was arrested  in coordination with the Department of the US  Drug Enforcement Administration (DEA), and it could be the beginning of one of the biggest crime busts in Latin American history.

The arrest was followed  by  the  Treasury Office of Foreign Assets Control (OFAC) launching  sanctions against Nidal, a Panamanian citizen, and his brother Abdul Waked, as well as against six executives   and 68 companies related to a money  laundering network.

"Nidal Waked has a long history in money laundering, which would be related to some of the most ruthless drug traffickers and sophisticated criminal networks in the world," Jack Riley, deputy director of the DEA told Forbes.

OFAC also added Abdul Waked to  the Clinton List and various companies Wisa Group, including Riviera Panama.

"This action exposes the firm Waked Money Laundering Organization and disrupts their ability to launder the proceeds of drug use based on tax free retail trade,  real estate development and financial services across the region" said John E. Smith, director of OFAC.

Nidal's brother began in the luxury market business in Colombia, then entered  Central America and Mexico.

"The arrest of Waked, along with US Treasury sanctions to its many trade and associated interests, represents a blow to his criminal regime and highlights the importance of these facilitators in transnational criminal networks. This arrest demonstrates the commitment of the DEA to attack the top leaders of drug trafficking organizations and all their criminal associates, "added Riley.

Currently, the chain has 104 Waked duty free duty free areas, such as airports, borders and ports, and 133 stores in main streets and avenues in different countries of Latin America, and  one in Mexico City.

The  Wisa Group issued a statement which says that the accusations are false.

“We wish to inform the public that these accusations are false and unfounded. We have instructed our lawyers to provide full cooperation with the Public Ministry so  this unfortunate confusion is clarified as soon as possible, "says the document.

Forbes interviewed Abdul Waked in 2015, who talked about business strategy in  Central America.

Gruo Wisa is  active in the Colon Free Zone and  is headquartered on Ave Samuel Lewis in Panama City.