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Panamanian authorities to sell Balboa Bank & Trust in April

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  • Wed, 03/15/2017 - 16:32
Balboa Bank was intervened last May when the United States included Waked's business group on its list of drug money launderers, along with 68 other companies related with Abdul Waked and his nephew Nidal Waked
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PANAMA CITY .- A senior executive of the Superintendency of Banks in Panama (SBP) said they are planning to sell the US-sanctioned Balboa Bank & Trust Bank, alleged in money laundering, next April.

"We have always been concerned with ensuring the safety of savers, that there is no financial panic and we are reaching the end of an unprecedented case," said Ricardo Fernández, superintendent of the Panama International Banking Center.

Balboa Bank was intervened last May when the United States included Waked's business group on its list of drug money launderers, along with 68 other companies related with Abdul Waked and his nephew Nidal Waked.

The Superintendency of Banks ordered the intervention of the entity, linked to Nidal Waked, on May 5 on the case of money laundering and drug trafficking.

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