Kenneth Rijock

Kenneth Rijock

Sunday, June 21, 2015

WHERE ARE THE MONTHLY AUDIT REPORTS FILED BY PANAMA'S MONEY LAUNDERING BANKS ?


Readers may not be aware of it, but Panamanian law requires that monthly, detailed audit reports be furnished to the Superintendent of Banking, by all financial institutions operating in that country. In  light of the new money laundering allegations, filed against thirteen of Panama's most prominent banks, we ask this question : where are the monthly audit reports of these banks, and when can they be made public ?

I know, I know, Panama has strict bank secrecy and confidentiality laws, but they pertain to depositors, not licensed financial institutions. Will the new reform administration now allow those audit reports, upon which there is no expectation of privacy, to be made public ? This will be a litmus test of the transparency of the new administration. President Varela, I know that you are besieged by the old guard in Panama, the power brokers who do not want daylight to shine on their banks, but you need to open the records.

Only when Panama's voters see precisely the extent of the money laundering that has occurred under Martinelli's corrupt administration will true reform occur. Otherwise, Panama must resign itself to being placed upon the FATF Blacklist.


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