68 firms, 9 executives named in massive laundering-drug swoop

PANAMA’S battered image took another hard hit on Thursday May 5  with the release of a a U.S. Department Treasury Department announcement that businessmen Abdul and Nidal Waked and a network  of Panamanian companies linked to them have been included on the “Clinton list” of activities related to money laundering and drug trafficking.

The U.S. Embassy in Panama issued a warning  to American citizens to avoid doing business with the listed names. Already one bank has been closed.

In total, nine executives and 68 companies were linked to the network, including Grupo Wisa, Vida Panamá, Soho Mall, Millennium Plaza, the daily newspapers La Estrella and El Siglo, the stores Hometeck and Félix B. Maduro, Importadora Maduro and Balboa Bank, where Waked Hatum is the treasurer.

Also included are the La Riviera stores, which operate in Panama, Colombia, Guatemala, Belize, Costa Rica, El Salvador, Mexico, Bolivia, Honduras, Nicaragua and Uruguay.

At the same time, Nidal Waked was reportedly arrested by the U.S. Drug Enforcement Agency Wednesday in Bogota, Colombia, at the request of the Court of the Southern District of Florida as part of an investigation for money laundering and bank fraud.

The list was issued by the Office of Foreign Asset Control (OFAC). The Treasury Department prohibits any person or U.S. entity to carry out financial or commercial transactions with the individuals and companies that are on the list, and it freezes their assets in the United States. Doing so is a federal crime.

Panama’Attorney General announced Thursday that it would start “an immediate” investigation into the accusations by the U.S. government.

“This research must determine responsibility regarding the charges for the alleged crimes of money laundering, drug trafficking and any other arising out of the investigation,” said the AG, adding the office would cooperate with international authorities.

Through a note in La Estrella, Waked International, S.A. (WISA) said that it will collaborate with investigators. It added that its operations are lawful and that has generated wealth in the country for more than 40 years.

“The legal team of WISA is prepared to respond to the requirements of the authorities,” it said.

Subsequently, in social networks, it circulated a statement signed by Abdul Waked that stated the accusations are “false and unfounded” and that their lawyers shall cooperate with the Public Prosecutor’s Office to clarify this “regrettable confusion.”