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Panama's Strategic Investors Group, units removed from US narcotics list

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Panama's Strategic Investors Group, units removed from US narcotics list

The U.S. Treasury Department's Office of Foreign Assets Control, or OFAC, has removed Panama-based Strategic Investors Group Inc. and Balboa Bank & Trust Corp. from its special designations list for narcotics, known as the SDN list.

Banking regulator Superintendencia de Bancos de Panamá, or SBP, on Oct. 6 authorized the transfer of 100% of the shares of Balboa Bank & Trust to Costa Rica-based Corporación BCT SA. Balboa Bank & Trust has been under the SBP's administrative and operational control since May 2016, when the lender was sanctioned by the U.S. Treasury Department for alleged links to an extensive money laundering network.

Other Strategic Investors Group subsidiaries removed from the SDN list include Balboa Securities Corp., Pershore Investments SA and Strategic Oil Corp, according to OFAC.