Month: May 2016
United States Department of the Treasury issued special licenses to Balboa Bank & Trust The United States Department of the Treasury issued special licenses to Balboa Bank & Trust and the bank’s brokerage, including last week at the Clinton List, as part of the so-called The Waked Money Laundering Organization (Waked MLO). The grant will allow the Bank and the Brokerage entities to have access to the US financial system until June 14, 2016, the special licenses to Balboa Bank & Trust and other companies involved in the investigation are principal to protect companies’ employees. The US Government with this decision ...
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Solid and Secure Panamanian Banking System By public announcement on May 7, 2016, the Superintendence of Banks state that the Panamanian Banking System is strong and steady and that the Balboa Bank’s Case is an isolated one. This public broadcast came after a number of unofficial and fraudulent comments and false news about future action of the Panamanian Bank Authority against more banks institutions within the Panamanian Bank System. “Any communication from unofficial sources warning of situations not elsewhere specified or guaranteed by our institution, only have the purpose and objective of creating instability and mistrust, healthy and safe operation ...
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Seizure of Control of BALBOA BANK & TRUST CORP. By official announcement (Resolution SBP-0087-2016) on May 5, 2016; the Superintendence of Banks orders the seizure of administrative and operating control of BALBOA BANK & TRUST CORP. effective at 2:30 p.m. on Thursday, May 5, 2016. Based on Article 131 of the Banking Law the authority can take control over the bank. This decision was adopted as the result of the actions taken by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) against Waked Economic Group. Waked Economic Group according to US investigation is closely related ...
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