Originally posted on Money Jihad:
The role of Lebanon’s banking system in funneling money to Iran is well documented. The U.A.E.’s role as a transit point for illegal trade throughout the Middle East is also well known to readers of this blog and the @MoneyJihad feed on Twitter.
But one country historically associated with money laundering in the Americas rather than the Middle East deserves scrutiny as well: Panama.
Panama’s system allows for some pretty loose business deals and transactions, and the country has long been known for its role in circumventing the embargo against Cuba.
The risk now is that Panama is also being used as a gateway to Iran. This is particularly vexing if exporters are sending products via Panama to Iran that could be used in their pursuit of a nuclear weapon.
Kenneth Rijock’s valuable perspective makes his piece about this a must read, not just for compliance officers at banks, but…
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