$180 million fine for Panama laundering activity

PANAMA continues to be a recognized jurisdiction at high risk for money laundering  says the New York Superintendent of Financial Services.

In  imposing  a fine of  $180 million fine on a Taiwanese bank with branches in the country, Maria T. Vullo said she found that the central management  of the International Commercial Bank of Taiwan was: “indifferent to the risks associated with transactions involving Panama.”

The bank, the second largest in Taiwan,  has a branch on Via Espana  in the city of Panama and another in the Colon Free Zone. The superintendency identified a number of suspicious transactions that run between its  branches in Panama and New York.