Threats to Panamanian´s economy stability

 The new scandal over Group Waked, under investigation for money laundering in the United States, is threatening the stability of the Panamanian economy and is putting at risk more than 6,000 places of employments in the 68 companies appearing on Clinton´s Office of Foreign Assets Control ("OFAC") list. Ofac also includes six associates to businessmen Nidal Waked Ahmed Hatum (Waked Hatum) and Abdul Mohamed Waked Fares (Fares Waked) and companies such as Grupo Wisa S.A., Panama Life (Free Zone) S.A. and Balboa Bank & Trust. In view of that, Morabia Guerrero, President of the Panamanian Association of Business Executives (Apede), said that the new scandal mainly affects all the Panamanian labor sector, in the event that listed companies are closed down. Apede is concerned that more domestic companies get engaged in alleged crimes of drug trafficking and money laundering because they may damage the image of Panama, internationally. "The primary precaution could be the massive layoffs because they might affect the Panamanian families, generating more uncertainty and raising the level of redundancy, and we do not want these things to happen," concluded Guerrero. Morabia recalled that recently the case of Panama Papers became known, but it is now more worrying because it is about companies being related to banks, services, sales of goods and materials, identified by the United States as money laundering businesses. For the various sectors of the economy, it is regrettable that in less than two months the name of Panama has been linked, at the international level, with money laundering, first due to Panama Papers and now to Waked case. Contrary to Apede, the President of the Chamber of Commerce, industries and Agriculture of Panama (CCIAP), Jorge García Icaza, considers that it is too soon to make speculations about any impact that this case of two strong family groups may have. He clarified that this situation affects two family groups which must now submit their discharges and the Panamanian economy is very strong and will be able to assess its strengths and weaknesses. Meanwhile, President of the National Council of Executives of Enterprises (Conep), Julio De La Lastra, lamented that the country is yet again involved in a scandal revolving around its transparency. "It's pitiful that we face a scandal of this magnitude in a time of crisis, when the transparency of the country and its controls on its financial platform and service are being highly questioned," said the businessman. Panama, recently managed to come out of the grey list of the Financial Action Task Force (FATF), which was celebrated by the Panamanian authorities, after complying with the progress of implementation of the new measures for the prevention of the laundering of capital, financing of terrorism and proliferation of weapons of mass destruction. However, after the scandal of Panama Papers released last April 3 worldwide, including more than 11 million documents, 210 thousand companies and 21 jurisdictions, France decided to include the country back in its list of tax havens having qualified it as non-cooperative. Meanwhile, the Organization for Cooperation and Economic Development (OECD) expects that after the revelation of the Panama Papers, the country may avoid tax evasion.