US withdraws sanctions on dissolved Waked companies

The United States has withdrawn the sanctions imposed five years ago on four Panamanian companies once linked to Abdul Waked but already dissolved.

They are Soho Panamá, SA, Waked Internacional Panamá, SA, Abif Investment, SA and Grupo La Riviera Panamá, SA.

“The companies were removed from The Office of Foreign Assets Control (OFAC)  of the US Department of the Treasury list because they no longer exist,” said the United States embassy in Panama, on Thursday, September 30 in a statement.

“Today’s announcement does not affect the state of the La Riviera chain of stores, which continues to be blocked,” said    the embassy press release. The chain operates mainly in shopping centers and duty-free at Tocumen airport.

The four are part of a group of 68 companies that were listed by OFAC on May 5, 2016 , for being linked to an alleged network led by Abdul and Nidal Waked. Then seven other people were also included in the list, all relatives or lawyers of the alleged leaders.

OFAC, which constantly reviews and updates its list, had already withdrawn several of those sanctioned in May 2016; however, Abdul and Nidal Waked (who was even arrested in Colombia and extradited to the United States, where he served a sentence after pleading guilty to conspiracy to launder money) remain on the list.

“OFAC frequently updates its list of designated persons and blocked entities, to ensure that the list only includes active companies, so that the private sector can have up-to-date information about sanctioned companies,” says the embassy statement.

“Currently active individuals and entities continue to be designated by OFAC. Their situation has not changed.”

The United States prohibits its citizens and businesses from conducting financial or commercial transactions with any entity identified by OFAC.