Soho Mall Stores and the Clinton List

As time passes there is growing uncertainty on the part of traders that have shops in Soho Mall about the future of the company which has been included on the US government's list of companies suspected of money laundering.

Monday, August 29, 2016

From a statement issued by the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP):

Entrepreneurs are asking local authorities to intervene in the situation faced by companies included in the Clinton List

Panama, August 29, 2016
The Chamber of Commerce, Industries and Agriculture of Panama (CCIAP) has expressed concern, as more than three months after several Panamanian companies were included in the so-called Clinton List, and although operating licenses have been extended to some of them, there is uncertainty about being able to to comply with bank transfers and payments of their suppliers on time, because of the multiple steps that must be taken in order to achieve this and because there is no certainty over the future of their operations as well as the fact that it is difficult to manage providers and suppliers who feel that these businesses could close at any time.

These remarks came during a second meeting between executives of the business association with representatives of companies operating in the premises established in Soho Mall, businessmen affected by the inclusion of Soho Panama, S.A. in the Clinton List, but who are not responsible nor have they anything to do with the companies included in the Clinton List, but who are however being seriously affected.

More on this topic

Soho Mall Taken Off Clinton List

June 2017

After the sale of the shopping center was confirmed to a Mexican group, the US Treasury Department has lifted the sanctions it imposed in May last year.

The exclusion from the list of persons and companies linked to money laundering and drug trafficking activities was confirmed by the Office of Foreign Assets Control (OFAC) on its website on June 14. 

Mexicans Buy Soho Mall in Panama

June 2017

After several months of negotiations, Grupo Cinépolis has announced that in an alliance with another Mexican company it has acquired the mall, previously owned by the Waked group.

The transaction comes one year after the US Treasury Department's Office of Overseas Assets Control (OFAC) authorized the inclusion of Soho Mall Panama assets into a trust fund in order to facilitate the sale process. 

Closure Announced of Duty Free Store La Riviera in Colombia

May 2016

La Riviera Colombia has submitted its companies under control of the Superintendency of Companies and twenty suppliers and customers have announced the end of their trade relations.

In a statement La Riviera S.A.S. specified that it asked the authorities to take control of the Colombian companies La Riviera S.A.S., Santafe Duty Free S.A.S.

USA Denounces Money Laundering Network in Panama

May 2016

A list of people and companies involved in international money laundering includes brothers Abdul and Nidal Waked, another 6 individuals, and 68 companies, among which is Balboa Bank.

The businessmen Abdul and Nidal Waked and companies such as Grupo Wisa, Vida Panama and Balboa Bank, have been included in the "Clinton" list which indicates which people and related organizations are linked to money laundering and drug trafficking activities.

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