Jesús Daniel Romero and William Acosta from the Miami Strategic Intelligence Institute for Poder & Dinero and FinGurú
Introduction
Money laundering is a transnational threat that employs business structures, tax havens, and international banking systems to hide the illicit origin of funds, affecting global financial stability and facilitating crimes such as drug trafficking and corruption (14ymedio, 2016; Martí Noticias, 2016). Panama, due to its flexible financial system and role as a logistical hub, has consolidated itself as a key point for laundering schemes involving companies and citizens from various countries, including Cuba and Venezuela (CubitaNOW, 2025). Federal investigations, international leaks, and journalistic reports have documented how businessmen, state-owned companies, and figures linked to the Cuban regime have used offshore structures and Panamanian banks to launder illicit funds or evade international sanctions (Martí Noticias, 2016; elTOQUE, 2020).
Schemes and Modus Operandi
The money laundering between Cuba and Panama is characterized by the use of shell companies, international transfers, fractional deposits, and the use of multiple currencies such as dollars, euros, Cuban pesos, and Venezuelan bolivars (WPLG, 2024; Martí Noticias, 2016). The most frequent methods include the creation of shell companies in Panama, the simulation of business operations, the use of identities and bank cards of third parties, and the triangulation of funds through accounts in US and European banks (14ymedio, 2016; Martí Noticias, 2016).
Recent Cases of Large Amounts and Federal Accusations
In January 2025, a Cuban citizen from Havana was detained at the Panama Pacific International Airport while attempting to enter the country with $25,000 in cash hidden inside a book. The passenger declared he was carrying only $9,000, but a secondary inspection revealed the actual amount. The money was seized and placed under the custody of the Public Ministry of Panama for investigation for possible money laundering (Directorio Cubano, 2025; Periódico Cubano, 2025; CiberCuba, 2025a).
That same month, Interpol and Panamanian authorities arrested a Cuban citizen wanted by the United States, accused of financial fraud and money laundering for an amount close to $600,000. The operation, dubbed "Operation Mayabeque," revealed the use of sophisticated methods to defraud victims in the United States and hide the funds through advanced money laundering techniques. The detainee faces extradition proceedings to the United States (CubitaNOW, 2025; CiberCuba, 2025b).
Between 2022 and 2024, Manuel Alejandro Rojas, with connections in Cuba, Venezuela, Panama, and Spain, led a scheme that laundered more than $3.38 million. The mechanism included the creation of shell companies in Panama (Lay Investments, Bempaco XVI), hundreds of cash deposits in US banks such as Truist and JP Morgan Chase, international transfers to accounts in Panama and Spain, and the use of multiple identities and currencies. This case was investigated and prosecuted in US federal courts, highlighting international cooperation and the sophistication of these schemes (WPLG, 2024; Cuba en Miami, 2024).
Cuban State Companies and Offshore Structures
offshore
Leaks from the Panama Papers and Pandora Papers have revealed the existence of numerous Cuban state companies established as offshore companies in Panama, including Técnica Hidráulica S.A., Amadis Compañía Naviera S.A., B.B. Naft Trading S.A., Pescatlan S.A., Acepex Management S.A., Comercial Mercadu S.A., Travelnet LTD, Resimevis Limited, Mavis Group S.A., and Octagon Industrial LTD. These companies, managed by officials and representatives of the regime, have been used to conduct business operations outside the US embargo and to move capital beyond the control of foreign regulators (Martí Noticias, 2016; 14ymedio, 2016; elTOQUE, 2020).
Names Linked to the Cuban Regime
Investigations and leaks have linked figures from the Cuban regime and businessmen close to power with the management or representation of offshore companies in Panama. Among the most frequently cited names in the international press and leaked documents are Wilfredo Leyva Armesto, an official from the Cuban Institute of Hydraulic Resources, linked to Técnica Hidráulica S.A.; as well as executives from Corporación Panamericana S.A., a company from the Ministry of Foreign Trade created in Panama to manage companies outside the country. Additionally, the Panama Papers have linked family members of high-ranking military officials and the Business Administration Group S.A. (GAESA) with offshore companies (Martí Noticias, 2016; 14ymedio, 2016; elTOQUE, 2020).
Factors Favoring These Schemes
Panama facilitates the rapid creation of anonymous companies and bank accounts with low control of beneficial owners. The lack of transparency, currency restrictions in Cuba, and weak international cooperation contribute to the operation of transnational money laundering networks (14ymedio, 2016; Directorio Cubano, 2025). Moreover, the difference between the legal limits for currency outflows in Cuba and declaration requirements in Panama creates opportunities for the irregular movement of funds (Periódico Cubano, 2025; CiberCuba, 2025a). Despite some advances, Panama remains on the European Union's "grey list" for deficiencies in the fight against money laundering and tax evasion (United States Department of Justice, 2022).
The Venezuelan Case: Replicating the Cuban Model in Panama
Venezuela has followed a trajectory similar to that of Cuba in the strategic use of Panama as a platform for opaque financial operations. With the internal economic collapse and international sanctions, figures from the Venezuelan regime and allied businessmen have turned to Panamanian offshore structures to protect capital, move illicit funds, and finance transnational corruption networks (WPLG, 2024; Cuba en Miami, 2024). This dynamic has created a parallel ecosystem to that of Cuba, where both networks often intertwine, sharing operators, lawyers, financial intermediaries, and concealment mechanisms.
Like the Cuban case, Venezuelan shell companies in Panama have been used to justify fictitious exports, receive payments for services not rendered, and channel public funds into personal accounts in tax havens. In many cases, the funds came from state-owned companies like PDVSA and passed through Panamanian banks before being redistributed to safer jurisdictions (Cuba en Miami, 2024; United States Department of Justice, 2022).
The case of the Martinelli Linares brothers, closely linked to the former Panamanian president and the Bolivarian apparatus, showcased the depth of these ties. The Odebrecht corruption network demonstrated how Panamanian laundering routes served not only Cuba and Venezuela separately but also as a common operational platform, expanding the scale and sophistication of regional financial crime (United States Department of Justice, 2022).
The Odebrecht Case and Panamanian Connections
In the regional context, the case of brothers Luis Enrique and Ricardo Martinelli Linares stands out, sentenced in the United States to 36 months in prison for laundering $28 million in a bribery scheme with Odebrecht S.A., using shell companies and banks in Panama, the United States, and Switzerland. The case demonstrated how illicit funds can circulate through US and Panamanian banks to benefit officials and maintain luxurious lifestyles, underscoring the vulnerability of the Panamanian system to international corruption networks (United States Department of Justice, 2022).
Conclusion
The use of Cuban and Venezuelan companies to launder assets via Panama is a documented trend, with recent cases showing the sophistication and international scope of these schemes. International cooperation and strengthening controls over offshore companies and cross-border transactions are essential to combat this phenomenon, while monitoring corporate and banking structures in Panama remains key to protecting the integrity of the global financial system (14ymedio, 2016; Martí Noticias, 2016).
References
14ymedio. (2016). About 25 companies linked to Cuba appear in the Panama Papers. https://www.14ymedio.com/internacional/cuba-papeles-panama-nuevo-herald_1_1061835.html
CiberCuba. (2025a, January 14). Money seized from undeclared passenger arriving in Panama. https://www.cibercuba.com/noticias/2025-01-14-u1-e197721-s27061-nid295491-retienen-dinero-declarar-pasajero-llego-panama
CiberCuba. (2025b, January 10). Interpol arrests Cuban in Panama wanted in the US for massive bank fraud and money laundering. https://www.cibercuba.com/noticias/2025-01-10-u1-e129488-s27061-nid295220-interpol-arresta-dominicana-cubano-buscado-eeuu
CubitaNOW. (2025, January 8). Cuban wanted for fraud and money laundering arrested in Panama. https://noticias.cubitanow.com/capturan-en-panam-a-cubano-buscado-por-fraude-y-lavado-de-dinero-en-estados-unidos
Cuba en Miami. (2024, September 25). Miami-Dade money laundering scheme relates to transactions from Cuba, Venezuela, Panama, and Spain. https://www.cubaenmiami.com/esquema-de-lavado-de-dinero-en-miami-dade-se-relaciona-con-transacciones-de-cuba-venezuela-panama-y-espana/
Directorio Cubano. (2025, January 27). $25,000 in a book: money confiscated from Cuban at Panama Airport. https://www.directoriocubano.info/noticias/25-mil-dolares-en-un-libro-confiscan-dinero-a-cubano-en-aeropuerto-de-panama/?amp=1
elTOQUE. (2020, November 14). The Matryoshka of Cuban businesses. https://eltoque.com/en/matrioshka-militar-cubana
Martí Noticias. (2016, May 13). Cuba in the Panama Papers: Who is Wilfredo Leyva Armesto? https://www.martinoticias.com/a/cuba-panama-papers-empresa-offshore/121905.html
Periódico Cubano. (2025, January 26). Panama detects traveler from Cuba with $25,000 undeclared. https://www.periodicocubano.com/panama-detecta-a-viajero-procedente-de-cuba-con-25-mil-dolares-sin-declarar/
United States Department of Justice. (2022, February 4). Panama intermediaries each sentenced to 36 months in prison for international bribery and money laundering scheme. https://www.justice.gov/archives/opa/pr/panama-intermediaries-each-sentenced-36-months-prison-international-bribery-and-money
WPLG. (2024, September 25). Police: Miami-Dade money laundering scheme had links to Venezuela, Cuba, Panama, and Spain. https://www.local10.com/espanol/2024/09/25/policia-esquema-de-lavado-de-dinero-en-miami-dade-tenia-vinculos-con-venezuela-cuba-panama-y-espana/
Jesús Daniel Romero, Retired Commander of Naval Intelligence of the United States. Co-Founder and Senior Fellow of the Miami Strategic Intelligence Institute.
Author of the Amazon Best Seller "Final Flight: The Queen of Air," where he recounts part of his experience leading teams against drug cartels in Central America.
William Acosta, internationally renowned Private Investigator, is an officer of the New York Police Department. CEO of Equalizer Investigations. Senior Fellow of the Miami Strategic Intelligence Institute.
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