US Rewards international AML Efforts
The U.S. signed an agreement with Panama that will result in the sharing of more than $36 million in forfeited assets from a 2000 money-laundering case involving Panama-based jewelry stores.
It marks the first time the U.S. shared assets with Panama, and it’s the second-largest sum of forfeited assets ever shared by the Justice Department with a foreign government, the department said in a statement.
“For more than 12 years, the assistance of the Panamanian authorities has been consistent, reliable, and broad-ranging,” said James Cole, deputy attorney general, in the statement.
The assets being shared result from an investigation into a jewelry store, operating in the Colon Free Trade Zone in Panama. It was found that the owners washed massive amounts of profits derived from narcotics trafficking through Speed Jewelers and another jewelry business, Argento Vivo SA.
The confiscated property will be used to strengthen the ability of the Republic of Panama to combat money laundering and the seizure of illicit goods in criminal investigations and prosecution ,” said the U.S. statement .
