Cash stuffed suitcases in Waked investigation

THE WAKED FAMILY used suitcases full of cash, counterfeit bills ,falsified invoices,and other money laundering methods in several countries  for multiple international drug trafficking organizations, which are among the most unscrupulous and sophisticated in the world”.

The damning statement came Friday May 13 from US Ambassador to Panama John Feeley in a statement he read from his residence in La Cresta.

Feeley said that “For years, Nidal Waked, Abdul Waked and his accomplices abused the financial system of the United States and Panama. Together they led an organization that has laundered money from drug trafficking “

Feeley said that for these reasons the  Waked Group of  companies were included in the Clinton List and US judicial authorities opened a process for money laundering.

He reiterated the accusations raised by the U.S Office of Foreign Assets Control (OFAC) against members of one of the most powerful economic groups in Panama, belonging to the Waked family.

OFAC included 9  executives  and 68 companies of the  Waked group in the Clinton List by linking them to a money laundering network. The most  visible Waked group leaders are Abdul and Nidal Waked.Nidal was  arrested in Colombia for extradition to the US.

Abdul Waked’s lawyer Guillermina McDonald, who had earlier downplayed the US moves  said that the US should provide the evidence to  Panama authorities so that they can validate it  or not and provide  the opportunity  for her to defend her client.

Feeley said that as established by law states have a responsibility to protect their citizens from such crimes, which led the US to take the civil decision to “freeze assets and deny those involved access to the market.”

The “evidence” was collected through more than seven agencies of the US government.

He said his country could have “issued designations and sat idly by,” but it has taken the extraordinary step of issuing several temporary authorizations which provides space for the Government of Panama and Waked eto  “find a solution that minimizes possible harmful effects on the innocent.”

Feeley said that the Treasury Department granted licenses to Balboa Bank & Trust and Securities brokerage Balboa, including from last week on  the Clinton List, as part of the so-called Waked Money Laundering Organization (MLO).

The grant will allow the provision of systems, equipment, goods and services necessary for the bank’s operations.

In a statement the the US Treasury noted that licenses were granted to allow the viability of all financial transactions and recommendations adopted by the (interim) manager appointed by the Superintendency of Banks of Panama and the administrator appointed by the Superintendent Securities Market.

The US government has frozen the assets of both entities under their jurisdiction. US citizens may continue their transactions with listed companies and have 10 working days to report them to OFAC.

the OFAC granted  four licenses granted in favor of the daily La Estrella de Panama and El Siglo, and businesses operating in Soho Square Mall and Millennium. The  licenses expire on July 6, 2016.

On Friday the Treasury Department also modified the license conditions for  Soho Mall to facilitate maintenance of the building structure and certain financial services.

The US ambassador said he applauded and recognized the effort carried out by the Ministry of Economy and Finance (MEF), the Ministry of Labor and Workforce Development (Mitradel) and the Ministry of Commerce (MICI), entities, designated by President Juan Carlos Varela to be the bridge between negotiations  with representatives of the Waked family and authorities of the Treasury Department.

Feeley said,  Waked  must now negotiate “in good faith with the Panamanian government to preserve as many jobs and cause the least possible damage to multiple sectors where they  have businesses.”

“Protecting our banking system is not an undue interference. It is Is a recognition that Panama and the United States are linked commercially, as is  everyone in this global economy ” he said

In the online version of La Estrella de Panama, Abdul Waked announced his willingness to “cooperate with the authorities to fully clarify the unfortunate confusion that has arisen from investigations pf the US  Treasury  Department.

He said the trajectory of his work “has been attached to family values and principles of effort and dedication than ever defrauding.

In a Public Ministry  announcement First Drug Prosecutor Markel Mora, said that the Attorney General’s Office continues investigation in accordance with the facts that have been presented.

La Prensa reported that it had   called Ebrahim,Asvaat  who had  been attorney for  Abdul Waked, during  an investigation in which the DEA participated in Colombia in 2009, but  he did not answer. Asvaat was was  previously  president of Waked’s media empire.