On 5 May 2016, the US Treasury Department’s OFAC announced designations of leaders and associates of the so-called Waked Money Laundering Organization, and 68 entities believed to be part of that organization, as specially designated narcotics traffickers under the Foreign Narcotics Kingpin Designation Act. OFAC, in cooperation with US Customs and Border Protection, other US agencies and the Panamanian Government, have found the Waked organization to be laundering the proceeds of illicit narcotics trade. Designated entities include major commercial entities with operations in Panama, Colombia and other countries, such as Panama’s Balboa Bank & Trust, the Panamanian shopping mall, Soho Panama, S.A. (a.k.a. Soho Mall Panama), a Panamanian hotel, Grupo Wisa, S.A., and the international duty free retailer La Riviera. Once a party is designated under the Act, all property and interests in property of that party that are within the US, or within the possession or control of any US person, are blocked and US persons and entities are effectively prohibited from dealing with the party. In conjunction with these designations, OFAC issued general licenses authorizing limited transactions with certain designated entities.
