WARNING ON PANAMANIAN PEPS WITH AMERICAN PASSPORTS

FROM THE - CHRONICLES of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA~
~Contributed & Written by Kenneth Rijock ~

Information from Panama that is of interest to American compliance officers: Some Panamanians have complained that a number of officials, in the present Varela administration, are naturalized US citizens, and as such should be required to show their allegiance to the Republic of Panama, by repudiating their American citizen status. This an indication that a number of Panamanian PEPs are in this category.

Compliance officers at US financial institutions should be aware that the American, of Panamanian origin*, who opens an account, and subsequently makes large deposits, could be a Politically Exposed Person (PEP), illegally in possession of government funds, or bribes & kickbacks. You will have no reason to suspect his or Panamanian PEP status, as the individual will have a US residence, drivers' license, and be a citizen of the United States.

A useful hint: whenever you are on-boarding someone with a pronounced Spanish accent, it would be prudent to learn their place of birth, not for the purpose of profiling them, but to rule out their possible PEP status in Latin America. 

In the example just mentioned above, knowing that the account holder was born in Panama would be sufficient reason to conduct enhanced due diligence, to determine whether he or she holds an official position in Panamanian government.

PEPs, even those who hold US citizenship, should always be subject to enhanced scrutiny, as well as account monitoring, and your risk-based compliance program may impose certain initial restrictions upon any account holder who could be considered a Politically Expose Person. 

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* Historical note: all persons born in the former Panama Canal Zone, before October 1, 1979, were US citizens by birth, but Panama also considers them Panamanian nationals.

PANAMANIAN COURT VALIDATES FINES AGAINST EXECUTIVES OF FINANCIAL PACIFIC

FROM THE - CHRONICLES Of Andrei Slavenkov Netherlands –  Analyst For Wanted SA ~ Contributed & Written By Kenneth Rijock ~

The Supreme Court of Justice approved a fine, of $500,000 and two of $300,000, levied by Panama's securities regulator against three executive of broker/dealer Financial Pacific, for auditing failures. $12m was diverted from the FP accounts, to Politically Exposed Persons, only to be mysteriously replaced, when questions arose about the transaction. A former vice president of Panama allegedly received $7m of the money.

Fines were levied against former FP executives West Valdés  Iván Clare and Oscar Rodríguez. Former President Ricardo Martinelli, and most of the ministers in his Cabinet allegedly made millions in illegal profits, through insider trading of securities of Petaquilla Gold Mine stock. The case was widely covered, when a whistle blower's civil and human rights were violated, when she was kept incommunicado in a Panamanian prison, and denied access to her attorneys and media.

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FINANCIAL CRIME IN PANAMA OUT OF CONTROL

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA ~ Contributed & Written by Kenneth Rijock

FATF SHOULD BRING BACK THE NCCT LIST, AND NAME THE REPUBLIC OF PANAMA

The Financial Action Task Force (FATF) no longer "names & shames" the jurisdictions where money laundering and terrorist financing run rampant, but I believe that it is time to return to that highly effective practice, and my first candidate is the Republic of Panama, where, in my humble opinion, financial crime, and especially money laundering and terrorist financing, are out of control.

 

Why Panama first and foremost ? Here are but a few of the red flags that I am aware of:

 

(1) Money laundering of criminal profits, especially those originating from Venezuela and Colombia, into and through major Panamanian banks, is widespread.

 

(2) Enforcement of the existing anti-money laundering laws is virtually non-existent.

 

(3) A number of prominent, and sanctioned, Latin American and Middle Eastern and terrorist groups are moving money through Panamanian banks; some even have permanent account relationships there. Funds from some groups are then transferred to Beirut, and others to offshore tax haven countries; some money even enters the United States, where it could forseeably fund terrorist actions.

 

(4) The Venezuelan air bridge, business jets transporting illicit bulk cash, and arriving regularly at Panamanian general aviation airports, operates without any serious interference from local law enforcement.

 

(5) Foreign nationals who are the victims of financial crime in Panama rarely obtain justice, through the corrupt criminal court system. The perpetrator's laundering of his illegally-acquired wealth, is never prosecuted in Panama.

 

(6) The involvement,  of Panamanian PEPs, including several at the ministerial level, in corrupt conduct, taints any serious efforts to reign in financial crime.

 

(7) The powerful Syrian Organized Crime cartel, which owns several banks, and has placed key people in most important government agencies, operates free of any government interference.

 

There are many more, I think it is high time to Bring back the NCCT List, and place Panama on it, so that US and EU banks can govern themselves accordingly.

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PANAMA INFORMANT TRICKS CONFESSION OUT OF ALASKA DOCTOR

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA ~

SNITCH IN PANAMA WITH STOCK FRAUD CASE IN USA ENTRAPS TAX EVADER FOR LESS PRISON TIME

Thanks to the U.S.A. crackdown on offshore tax evaders, it’s gotten harder to hide money from your ex-spouse. Striking evidence of that comes from a lawsuit the U.S.

 

Attorney for the Central District of California filed last month after Homeland Security Investigation

Agents seized $4.7 million from a Bank of America account in the State of Washington allegedly belonging to an Alaska M.D. intent on depriving his ex-wife of assets the court said she was due.

 

In a previously unreported “complaint for forfeiture” that reads like the plot for a B-movie, the government says Anchorage plastic surgeon Michael D. Brandner was in the middle of a contested divorce in May, 2008, when he drove from Alaska to Panama (more than 6,000 miles, according to Google maps) and deposited cashiers’ checks totalling $3.25 million into an account at Capital Bank in Panama.

 

In June 2008, after the Alaska court ordered Brandner to turn over his $1.26 million self-directed IRA held at Pensco Trust Co. to his wife, he moved that money to an account at  Bank of America in California, and then to the Panama account at Capital Bank, the government says.  Later, he shifted an additional $200,000 to Panama.

 

Here’s where the government’s offshore crackdown comes in: Back in 2008, when the doc first allegedly moved money to Panama, the Central American country was a notorious haven from both the Internal Revenue Service and legitimate creditors.

 

But in November 2010, in a bid to win Congressional approval of a Free Trade Agreement, Panama signed a tax cooperation and information exchange agreement with the U.S.

 

In May 2011, Dr. Brandner’s  Panamanian advisor—who it turns out, was cooperating with  U.S. authorities in a separate U.S. stock fraud case—warned him the tax treaty might affect his ability to keep assets hidden from his wife. The "Snitch" convinced Brandner that the best way to protect his money going forward would be to put it in a U.S. bank account ostensibly owned by a foreign corporation.

 

The doctor followed this dubious advice, and in August 2011 opened an account in the name of the foreign corporation at a Bank of America branch near SeaTac airport in Washington State.

 

By Sep. 12, 2011, he had wire-transferred all the money from Panama  at Capital Bank  to go to the Bank of America account, and Homeland Security swooped in and seized it.

 

Compounding the 63-year-old doctor’s potential legal problems:  The "Informant" reminded Brandner (during a conversation monitored by law enforcement) that he had told him he needed to file an FBAR form reporting his foreign account to the Treasury.

 

The doctor, according to the government, acknowledged that he knew he had to file an FBAR and said he hadn’t done so—-a violation that makes the funds subject to forfeiture. (The government also alleges it can keep the money for violations of the federal wire fraud statutes.)

 

The Informant is known to WANTED SA and the name will be released accordingly.

 

 

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CAPITAL BANK OF PANAMA ACCEPTS DR. MICHAEL D. BRANDNER "DIRTY MONEY" WITH REFERENCE FROM CO-CONSPIRATOR

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA ~

CAPITAL BANK OF PANAMA (NOT CONNECTED WITH OTHER CAPITAL BANKS) IS UNDER INVESTIGATION FOR MONEY LAUNDERING

 

In a previously unreported "complaint for forfeiture" that reads like the plot for a B-movie, the government says Anchorage plastic surgeon Michael D. Brandner was in the middle of a contested divorce in May, 2008, when he drove from Alaska to Panama (more than 6,000 miles, according to Google maps) and deposited cashiers' checks totalling $3.25 million into an account at Capital Bank in Panama with the help of a well connected business man who is now a Confidential Informant and does not want to go to prison.

 

This well connected business man was "The Snitch" who needed to implicate Brandner because the Snitch himself was in a criminal action involving Stock Fraud in the USA and needed to give evidence to the USA in order to obtain a lesser conviction and sentence.

 

Later, the story says, Brandner, 63, moved another $1.5 million to Panama. He ultimately got in trouble with the U.S. government, the story says, when he shifted all the money into a Bank of America account in the State of Washington in the name of a foreign corporation, and the money was seized.

 

The Snitch who lives in Panama entrapped Brandner to implicated himself and Brandner is now indicted.

 

More to follow on this story and the release of the name of the Snitch.

 

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DOES MURCIA WILL BE TRANSFERRED TO SERVE HIS SENTENCE IN COLOMBIA?

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA   ~Contributed & Written by Kenneth Rijock ~

 

COLOMBIAN COURT RULES THAT MURCIA WILL SERVE 30 YEARS THERE AFTER HIS RELEASE FROM AN AMERICAN PRISON

 

The Supreme Tribunal of Bogotá has entered an order sentencing the master Colombian Ponzi schemer, David Eduardo Helmut Murcia Guzmán, to thirty years and eight months in prison, for money laundering, and illegally receiving money.

 

The sentence came after Murcia's appeals were dismissed. Murcia, who is scheduled to be released from a Federal Prison in the United States in 2019, may then be transferred to Colombia to serve his sentence.

 

Murcia, whose precise location in the US Bureau of Prisons is not known, is thought to have been placed in some sort of high-security facility, as he is believed to have given extensive evidence regarding Panamanians who took possession of portions of the estimated $3bn DMG, his Colombian-based Ponzi scheme, raised, most of which was bulk cash smuggled into the Republic of Panama, and invested.

 

The question remains: will the United States release Murcia, when he has served his American sentence, or hold him for testimony at trial, and later place him into WitSec, the Federal witness protection program, so that his safety will be assured ?

 

Several prominent Panamanian nationals, some of whom are officials at the highest levels of government, and some who are American businessmen resident in Panama, are believed to be targets of the current investigation, which is being conducted by a number of American law enforcement agencies, which reportedly are aware of the Murcia properties and assets the targets control. I could point to several myself, so it must be common knowledge who is holding what.

 

Will Murcia evade a term in a Colombian prison ? Rumors of his pending sentence reduction have made the rounds recently, but the mystery is whether he will be serving time in Colombia next, or disappear into the bowels of witness protection in America. Some sources state that he has been seen, in the United States, and not in custody. Where is David Murcia today ?

Ruling the Country or Ruining the Country ? | PANAMA | Ricardo Martinelli

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA ~ Written & Contributed By Jonathan Stempel

 

PANAMA'S PRESIDENT INTENDS TO WIELD POWER AFTER LEAVING OFFICE

In a revealing interview this week, the President of Panama, Ricardo Martinelli, has admitted that he does not plan to relinquish power after he leaves office next year. To the contrary, through his many ministerial and agency head appointments, for long terms, and by retaining the presidency for the ruling CD party, he fully intends to continue to control the Republic of Panama for the foreseeable future, much in the same manner as did the former Panamanian strongman, General Manuel Noriega.

Given that the laundering of narcotics profits, as well as the movement of funds for designated terrorist organisations, continues to be rampant throughout the Panamanian financial system, a continuation of the Martinelli policies, which have basically ignored anti-money laundering and countering the financing of terrorism, ostensibly in order to maximise new construction and grow the national economy, seem to be the shape of things to come.

Since the Panamanian Government will surely not be charging those of its ministers involved with drug trafficking, insider trading, and various forms of corruption, anytime soon, you are advised that risk levels for Panama, especially those financial institutions engaged in money laundering or terrorist financing, is subject to rapid increase, should OFAC sanctions, or indictments, be issued by the United States. You also should be aware that those ministers, their leader, and a large number of Panamanian PEPs could very well be charged in Miami or New York or Washington, just when they think they are immune.

 Please factor these possibilities carefully into your calculation of Country Risk for Panama, and do not overextend yourself with its banks.

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EMBEZZLER WHO SUED EMPLOYER FLEES THE UNITED STATES

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA

~Contributed & Written by Kenneth Rijock ~

If you are the victim of a financial crime, take immediate action to seek the arrest of the perpetrator for his crimes; never seek to obtain a payment schedule, civil settlement or accommodation with the criminal, lest you end up being twice a victim. Readers who have been following my long-running series, When White Collar Crime becomes Money Laundering*, know that to be true. In that case, the failure of the victim to promptly prosecute an embezzler who stole six figures at her job, to the fullest extent of the law, resulted in the subsequent filing of a bogus civil case against the victim, which is still pending after 4 years, has not been set for trial, and has become an expensive nightmare for the defendant corporation.

Financial criminals see your efforts to soften the blow to them as weakness, stupidity, or both, and they seek to take full advantage of your good nature. Always turn these matters over to your attorney, who can best advise you on the most effective response.

Last week, the alleged embezzler's attorney took the deposition of a former expert witness in that case***, Humberto Aguilar, who is qualified in the field of money laundering. Both the plaintiff and her husband were present at the deposition, and assisted their attorney**** with the questions, but when information surfaced, that the expert had been visited and questioned by two agents from Immigration and Customs Enforcement (ICE), they both immediately left the country, presumably to avoid themselves being questioned by ICE. Both have been linked to the Cali Cartel and the Paramilitaries (Autodefensas).

You will want to know why; Both the plaintiff, Lourdes Cajale, and her common-law husband, Didimo Alberto Navarro, are believed to be Confidential Informants for an American law enforcement agency, and it is believed that they have a well-founded fear that their prized US visas could be revoked, should it become established that they are have falsely and wrongly implicated innocent individuals, arrogantly alleging that their victims are laundering money. Cajale and Navarro could be thereafter dropped from the US Government programme, since it requires that information they supply be truthful.One wonders why the US has not already terminated their visa privileges, stopped paying them for information, and charged them with the criminal activities, namely money laundering and embezzlement, that they perpetrated upon the victim. Unfortunately, whoever their handler is, namely the agent who supervises their activities, he has yet to punish them for their character flaws, so the bogus civil suit goes on and on. Frankly, he may feel that the actionable intelligence he receives from these CIs trumps any criminal conduct they engage in, but the Whitey Bulger case** case teaches us that this is immoral and illegal.If there is a lesson to be learnt here, it is simple: when confronted with a financial crime, prosecute itimmediately, and insist that supervision (post-incarceration probation) not be terminated until all the money has been repaid, in full. Never seek to "make a deal" with a white-collar criminal, for it will probably turn a criminal case into a civil matter, and you will rue the day that you did.

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* Available in the blog archives; go to the blank white search box in the upper left-hand corner, and type in When White Collar Crime becomes Money Laundering, to access the seven articles. ** Bulger was a career criminal in Boston whose homicides, and other major crimes, were intentionally overlooked by the FBI agents who handled him as their Confidential Informant. The agents are now themselves doing time in Federal Prison; Bulger, who fled after being tipped off by the agents to his indictment, was finally captured, and is in custody.*** Lourdes Cajale vs. Atlantic Transport Trade Corp., Case No.: 09-64119 CA 15 (Miami-Dade Co. Cir. Ct.).**** Though Miami criminal defence attorney Richard Diaz is counsel of record for the plaintiff, the attorney taking the deposition, who works in his office, is reportedly related to the plaintiff.