The US Treasury Department has designated a powerful Panama-based business family for heading an international money laundering network connected to drug trafficking, drawing renewed scrutiny on Panama as a hub for illicit profits.
On May 5, the US Treasury Department’s Office of Foreign Assets Control (OFAC) blacklisted the Waked Money Laundering Organization (MLO) and its presumed leaders, Abdul Mohamed Waked Fares and Nidal Ahmed Waked Hatum, naming them “Specially Designated Narcotics Traffickers.” Six associates of the Waked’s and 68 companies thought to be part of their network were also targeted.
Source: http://www.insightcrime.org/news-briefs/panama-business-family-blacklisted-by-us-treasury
