Money laundering probe of Taiwan bank

810Views 0Comments Posted 24/08/2016

PANAMA has opened an investigation  into a Taiwanese bank with local branches that has been hit  with a $180 million fine for money laundering.

The announcement came from Banks Superintendent, Ricardo Fernandez after  Finance  Minister Dulcidio De La Guardia,  had blasted  the US Department of Financial Services (DFS), for  labeling Panama as a "high risk" jurisdiction for money laundering.

The regulator had applied the sanction to Taiwanese Mega International Commercial Bank, for violating US rules on money laundering.

It referred  to suspicious activities involving branches of the Asian bank in Panama and New Yotk and said  that the country "has historically been recognized as a high-risk jurisdiction for money laundering, and only announced this year that Panama ceased to be subject to a monitoring process by the Group of Financial Activity [FATF]".

The  bank has branches  on Via Espana and in the Colon Free Zone.

De La Guardia said on Tuesday August 23 that  said he received no official communication from the United States Department of the Treasury or the State of New York and rejected the naming of  Panama as a high-risk jurisdiction.

"Opening a bank account in this country is complicated, a lot of information is requested. But it's easy to hit the fallen tree. That's what's happening. If the Bank of New York failed to meet standards it is a responsibility of  the New York regulator, as it is the responsibility of the Superintendent  of Panama's banks to comply with the rules, "he said.




Comments 0

The comments are the responsibility of each author who freely expresses his opinion and not that of Newsroom Panama.
Please enter a valid email.
Please enter username.
Please, enter a valid message.
Please validate that it is not a robot.