Brazil Police Investigate Panama Bank

Rogerio Jelmayer – The Wall Street Journal, 07/07/2016

SÃO PAULO—Brazil’s authorities are investigating a Panamanian financial institution that allegedly worked with “Panama Papers” law firm Mossack Fonseca  & Co. to set up offshore accounts for Brazilian clients, in an operation that is an offshoot of the Car Wash corruption probe.

Police and prosecutors said Thursday during a press conference that police have detained for questioning seven people in São Paulo state linked with the financial institution, FPB Bank Inc.

According to prosecutors, there is evidence that services provided by FPB and Mossack Fonseca, the Panama City-based law firm whose client records were exposed as part ofthe so-called Panama Papers leak, were used by clients in Brazil to hide money coming from bribes paid in a bid-rigging scheme at state oil company Petróleo Brasileiro SA, or Petrobras.

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