PANAMANIANS CAN BE CHARGED WITH "MONEY LAUNDERING" & NEVER LEAVE PANAMA

PRIVATE SWISS BANKS SEEKING MEXICAN MONEY

Saturday June 09, 2012 - Contributed by Kenneth Rijock

If you were sufficiently disgusted, as a compliance officer, with my recent article*, explaining how amoral Swiss private banks are evading AML compliance, in acquiring dodgy African clients' money, this will really floor you. Certain private Swiss banks are presently out there, looking for pipelines that will bulk cash smuggle large amounts of US Dollars out of Mexico, and into their vaults.

Who wants to move their money, covertly, out of Mexico ? For those who do not follow domestic Mexican financial news, it is now nearly impossible for anyone to deposit any decent amount of USD into Mexican banks, due to legal restrictions passed a couple of years ago. This means that drug proceeds smuggled out of the United States cannot be placed into the global financial system in Mexico, which is causing money launderers for Mexican and Colombian cartels no end of headaches. There's your new client base, herr Swiss banker, drug traffickers taking the place of Eurotax evaders who have moved on.

Now, enter our Swiss friends, asking no questions about Source of Funds, or Beneficial Ownership, in their best "bank secrecy" style. Information indicates that, as of this date, they have not found any organisation able to create a Mexico City-to-Zurich and Geneva route. My friends, keep looking; there are any number of designated global terrorist organisations, operating in Latin America, who could smuggle out your cash, as long as you send their own drug profits on to Beirut, to finance their terrorist ends.

If you have ever wondered why I consider the term "private banking" to be an obscene phrase, you have your answer. These greedy bankers do everything I used to do, as a money launderer cleaning and hiding client funds, only they call it Customer Service.

 

Well, that's why the US has a 20-year penalty for money laundering, and why the law has extraterritorial application. A Swiss banker could be charged, even if he never left Zurich.

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*Swiss Private banks look to Africa and the east, but discard Compliance