Bahamas Named In Money Laundering Scandal

The Bahamas has been named as the jurisdiction where $176 million was allegedly laundered in a scandal linked to a senior Panamanian government official.

For The Bahamas, the fact that the laundering of the $176 million was alleged to have occurred in this jurisdiction as recently as 2009/2010, may mean further reputational damage as the jurisdiction continues to struggle to shake the tax evasion/money laundering stigma.

According to alleged irregularities in a Bahamian bank account are linked to a money laundering investigation into former Panamanian President Ernesto Perez Balladares. That web site claims that evidence received by the Special Prosecutor’s Office of Organized Crime in Panama at the end of January suggested $176,961,057 in deposits in the Bahamian account, and disbursements of $176,962,091 over a 13-month period between May 4, 2009 and June 30, 2010.