Belizean company fingered in Panamanian corruption scheme

A company in Belize has been used to move funds for illegal purchases for the former President of Panama, Ricardo Mantinelli according to one online news article in “ Caribbean News”. According to the article, Mantinelli used a company in Belize to disguise purchases that include illegal telephone and internet monitoring equipment that the former President used to spy on opposition figures and individuals he wanted to blackmail, or coerce into having sexual relations with him.  The Belizean company was also allegedly used to hold title to the surveillance gear. According to Caribbean News, “While bearer shares of a Belize company  can be easily converted into registered shares, a law passed in Belize in 2012 still allows bearer shares, as long as they were held in the actual custody of the registered agent.”

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