Jun.23, 2010

PANAMA - Panamanian authorities are investigating alleged drug-related money laundering operations in the national financial system, in the context of anti-drug operations.

According to anti-drug authorities, at least two investigations on money laundering have been opened, involving 24 people of different nationalities.

Early this month, anti-drug agents seized $425,883 from an international money laundering network comprising Panamanians, Colombians, and Americans.

National police also confiscated $3 million in cash in a raid last week and arrested five Colombians.

The top anti-drug prosecutor, Javier Caraballo, said one of the cases under investigation involves a currency exchange business allegedly used for money laundering.

The business periodically carried out major deposit and transfer transactions linking individuals in Mexico and Colombia.