Waked fights alleged US money launder claims
The US Department of the Treasury’s Office of Foreign
Assets Control (OFAC) yesterday announced that it has
brought sanctions to bear against Panama’s Waked
organisation for alleged money laundering.
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In a lengthy statement, the US DOT’s office makes detailed allegations in relation to a group it
names as the ‘Waked Money Laundering Organization’ and its alleged leaders, Nidal Ahmed Waked
Hatum and Abdul Mohamed Waked Fares. [Nidal Waked has since been arrested-Ed].
It further states that these two individuals have been identified as Specially Designated Narcotics
Traffickers under the Foreign Narcotics Kingpin Designation Act (Kingpin Act).
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In addition, its states that the Office of Foreign Assets Control has also targeted six associates and
68 companies which it has tied to the alleged drug money laundering network, including Grupo
Wisa, S.A., Vida Panama (Zona Libre) S.A., and Balboa Bank & Trust.
PRESIDENT WAKED DENIES ACCUSATIONS
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However, TRBusiness has also received a short formal statement
from Grupo Wisa President Abdul Waked, in an email copied to
Grupo Wisa’s Vice President of Corporate Affairs Juna Luis Correa,
Nelson Padua, Marketing Director and Matthieu Castillon du
Perron, Corporate Vice President.
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The open statement (prepared for all media) contains a complete
denial of all the alleged accusations of money laundering cited by
the US Department of the Treasury’s Office of Foreign Assets
Control (OFAC).
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Abdul Waked said: “We wish to inform the public that these
accusations are false and unfounded and we have instructed our
Grupo Wisa President Abdul lawyers to provide full cooperation with the Public Ministry, so this
Waked denies all of the
lamentable confusion is cleared as soon as possible.”
allegations.
MULTIPLE ALLEGATIONS
Waked fights alleged US money launder claims
The OFAC also claims that Panamanian-Colombian-Spanish national
Waked Hatum and Panamanian-Lebanese-Colombian national Waked
Fares co-led the so-called ‘Waked MLO’.
It futher alleges that this organisation uses trade-based money
laundering schemes, such as false commercial invoicing, bulk cash
smuggling, and other money laundering methods to launder drug
proceeds on behalf of multiple international drug traffickers and their
organizations.
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Following yesterday’s action, all assets of these individuals and entities
that are under the jurisdiction of the United States or in the control of
US persons are now frozen, with all US persons generally prohibited
from engaging in transactions with them.
Grupo Wisa HQ in
Panama.
VERY DETAILED ACTION
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Commenting on this action, John E. Smith, Acting OFAC Director said:
“This action exposes the Waked Money Laundering Organization and
disrupts its ability to launder drug trafficking proceeds using tradebased methods, duty free retail, real estate development, and financial
services throughout the region.
“We look forward to working jointly with the Panamanian authorities to protect the Panamanian and
US financial systems from abuse by narcotics traffickers and other illicit actors.”
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The US Department of the Treasury adds that in addition, the OFAC action has also designated six
Panama-based associates for providing material support and/or acting on behalf of the alleged
money laundering.
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It lists these individuals and their responsibilities as follows: Gazy Waked
Hatum, Ali Waked Hatum, and Jalal Waked Hatum – brothers of Waked
Hatum who manage Waked Hatum’s import/export, retail, and real estate
businesses; Mohamed Abdo Waked Darwich, Waked Fares’ son, who
manages Waked Fares’ duty free retail and real estate development
operations; and two attorneys, Norman Douglas Castro Montoto and Lucia
Touzard Romo, who are said to engage in various roles in several Wakedrelated companies.
In addition, the very detailed action also targets ‘principal Panama-based companies’ who are said to
be used to laundering drug and other illicit proceeds.
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Waked fights alleged US money launder claims
The Office of Foreign Assets Control is located in the Treasury Annex in
Washington, opposite the main Treasury building.
LA RIVIERA RETAIL IS PROMINENTLY MENTIONED…
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It names these as the following: Vida Panama (Zona Libre) SA, an import/export company in
Panama’s Colon Free Trade Zone; Grupo Wisa S.A., a holding company for businesses involved in
real estate, construction, retail, hospitality, and media, including the La Riviera chain of duty free
stores operating throughout Latin America; Soho Panama SA and related entities, including a luxury
mall and real estate development in downtown Panama City; and Balboa Bank & Trust, a
Panamanian bank; and the Strategic Investors Group Inc., a holding company that owns and controls
Balboa Bank & Trust as well as two other financial services companies.
The OFAC says Balboa Bank & Trust was used to launder narcotics and other illicit proceeds for
multiple international criminal organizations.
It adds that this latest action has been conducted in coordination with the Drug Enforcement
Administration, Customs and Border Protection, and the Miami Division of the Federal Bureau of
Investigation. In addition, the Panamanian authorities ‘have been informed of this designation and
Panamanian and US authorities will coordinate going forward’.
[This story has been updated to include the written response to the OFAC’s allegations
against the Grupo Wisa organisation].