On Monday, a Panamanian court opened criminal proceedings against the former president Ricardo Martinelli. According to a report by the Organized Crime and Corruption Reporting Project (OCCRP), Martinelli is accused of accepting $59 million in bribes from the disgraced Brazilian construction firm Odebrecht. The Odebrecht scandal is far-reaching across Latin America, implicating hundreds of high-profile figures. In 2023, Martinelli requested asylum in Colombia after being found guilty of embezzling state funds to purchase shares in the media company Editora Panama America. According to a report in the Costa Rican newspaper, the Tico Times, another former Panamanian president, Juan Carlos Varela, is also accused of bribery and money laundering. If previous history is anything to go by, Martinelli could well be spending an extended stretch behind bars.
Tag: Panama
Panama Removed from FATF Gray List.
Last week, Panama was from the Financial Action Task Force (FATF) Gray List. FATF is an Inter-governmental organization that monitors corruption worldwide. According to an article in the US News, the Panamanian government has made enough reforms to the financial sector that the country can be taken off the list. This will, according to the article, open the door to more international investment. While this is undeniably a good sign, one has to hope that the type of people who want to put money in Panama are doing it for the right reasons.
Crispin Corruption Report 