A PYMNTS Company

Brazil: Police launch probe into Panama’s FPB Bank

By  |  July 7, 2016

Brazilian police seized documents and questioned suspects on Thursday to investigate Panama’s FPB Bank in connection to a sweeping graft probe of political corruption at state-run companies.

Police said FPB Bank was under investigation for “financial crimes, laundering of assets and transnational criminal organization” for offering private banking services without the authorization of Brazil’s central bank.

Offshore companies registered by the Panama-based law firm Mossack Fonseca, the subject of a massive data leak this year, allegedly helped FPB Bank get clients’ money out of Brazil illegally, police said in a news conference.

Funds came in part from a multi-billion-dollar price-fixing and bribery scheme at Brazil’s state-run oil company Petroleo Brasileiro SA, prosecutors added in a statement.

“Staff of the Panama-based bank in Brazil not only maintained a clandestine operation but also ensured their clients anonimity by using offshores,” federal prosecutors said.

Full Content: CNCB

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.