(Trinidad Guardian) Republic Bank yesterday issued a statement in which it “categorically” denied that it has had any banking relationship with Oscar Sanchez, the Cuban-American man who is due to appear in a Miami court today to answer charges of money laundering and attempting to defraud the US national health insurance programme, Medicare of US$373 million. The bank was responding for the first time yesterday to being named on Monday in a Miami Herald article, which made reference to Republic Bank’s involvement in an alleged money laundering operation. In the statement, Republic does not refer to Sanchez by name but refers to him as “the person named in the Miami Herald article.” Republic said: “Based on the allegations in the case, it would appear that the alleged mastermind used an intricate web of other correspondent banks to disguise the true source of the funds, so as to evade detection. However, given the current nature of the investigations and trial, the Bank cannot comment further on the specific allegations.”
The bank said that it was committed to the “highest ethical standards and actively supports local and international efforts to counter money laundering. Republic Bank has a robust anti money laundering policy in place and this policy and its related procedures are constantly updated to ensure continued relevance and compliance. “All Republic Bank transactions are subject to monitoring and our compliance procedures include electronic checks for suspicious activity. Where suspicious activity is identified, as in this case, the Bank cooperates fully with the relevant authorities to maintain the integrity of the local financial system.” Republic Bank confirmed that “it will not do business with any person or business suspected of involvement in money laundering or any type of illegal activity.” On Monday, US prosecutors filed a motion accusing Oscar Sanchez, a 46-year-old Cuban-born US citizen of conspiring to send proceeds from the alleged Medicare fraud to shell companies in Canada, then to Republic Bank in Trinidad and ultimately to a Cuban branch of Republic Bank. Sanchez was ordered to be held in custody pending arraignment, scheduled for Friday. He could face 13 years if convicted. Sanchez’s attorney, Peter Raben, declined to comment on the charges.
