Money transfer fronts uncovered

TWO VENEZUELAN owned front companies running illegal money remittances operations in  Panama have been slapped with $100,000 fines.

They were located in Plaza Concordia on Via Espana one under the façade of the Yele beauty salon, and the other as  Connection Play, purportedly dedicated to the sale of cell phones and accessories, printing copies and supplying office equipment.

They were uncovered December 28 by the Directorate of Financial Companies of the Ministry of Commerce and Industries (MICI).

Mici, Director Amílcar Ábrego, said they were sending money, mostly to Venezuela  -without having the necessary permits.