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 of our banking system.” Reads the official communicate.
The announcement also explained that OFAC’s (Office of External Assets Control) goal is to isolate the operation, both as financial and commercial nature, of all companies owned and linked to Waked Economic Group, which were contained in the OFAC list for alleged links with crimes related to money laundering and drug trafficking.
Therefore, the normal operating performance of Balboa Banks & Trust Corp. is well limited by not having access to both: its external assets in the jurisdiction of the United States, and the indispensable financial relationship with US banks having to make financial transactions.
Hence and looking to protect the best interest of the Bank’s Clients the Superintendence took operational and administrative control of this bank.
In the same official press release of the bank authority reiterate that the Panamanian banking system is solid and secure with some good financial indicator like: 60.9% of liquidity; growth of domestic deposits for the first quarter show a 5.6% grow over the same period last year; 117,694 million USD added to the system assets also in the first quarter of 2016.