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Bermudian authorities ‘refuse’ to assist Spain with money laundering investigation report

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Luis Bárcenas

A prominent Spanish politician is under investigation for laundering millions of euros through Swiss bank accounts with ties to a company here in Bermuda.According to Sur, an English newspaper in Spain, Luis Barcenas, a former senator and treasurer with the political party Partido Popular, held as much as 22 million euros in Swiss bank accounts that disappeared within the last three years.Last week, Spanish investigators revealed that the Swiss accounts were held in the name of a Panama-registered foundation called Sinequanon in 2004.The first member of this foundation was a firm named Impala Ltd, which was created here in Bermuda in 2001.Sur reports that a 2005 joint account was opened in the Swiss bank Dresdner in the names Impala and Sinequanon.Only ten people had access to the account, including four people from Bermuda along with one person in the Bahamas, four Britons and one Canadian.The accounts funds were drained within the last three years.The Spanish authorities, said the newspaper, have been wanting to investigate Impala but “have been refused cooperation from the Bermuda authorities.”The Spanish media has catapulted this case into the spotlight as Mr Barcenas is no stranger to financial scandal.According to Sur, in 2009, Mr Barcenas, then treasurer of Partido Popular, was accused of receiving payments for submitting “overinflated” invoices to his political party on behalf of a crooked businessman.Mr Barcenas left his post as a result of the scandal.The Royal Gazette confirmed that Impala Limited is not licensed to conduct any financial service activity by the Bermuda Monetary Authority and thus does not fall under their remit.This newspaper has contacted Bermuda’s Attorney General’s Anti Money Laundering Section as well as the Police financial anti-fraud squad regarding the case, however, as of press time had not received a response.

Luis Bárcenas
Luis Bárcenas
Luis Bárcenas