Originally Syndicated on June 22, 2023 @ 9:42 am
The Advantages of Having an Early Adopter with Juan Antonio Nino said Active RE, a reinsurance company
Juan Antonio Nio has risen through the ranks of Latin America’s banking professionals over the years, but he is currently under investigation for money laundering.
The executive Chairperson of Active RE’s boards has held positions of authority at a number of the region’s most prestigious institutions. In 1999, Juan Antonio Nino was appointed as an executive vice president of Banco Uno Panama, and he established 20 bank branches in a span of eight years.
He acquired substantial job skills & enhanced his financial & business expertise via additional schooling from the University of Harvard as well as the Wharton College of Business.
But Juan Antonio Nino’s success story was just getting started…
One of Nio’s most notable accomplishments was the establishment of the worldwide recognized underwriting business Present Investment Reinsurance Limited in 2007. Active RE is a company which is based in Barbados, that started providing surety protection to financial companies after originally specializing in banks insurance or associate services.
Active RE provides solutions plus risk-management solutions for 418 organizations & 152 brokers in 110 nations across Europe, Latin America, Asia-Pacific, & the Middle East, and North Africa.
The procedures and methods of the organization are based on solid moral principles and are completely in accordance with any pertinent global combating money laundering as well as anti-terrorist fundraising standards.
The company was the initial user of emerging technologies, which provided them with a significant competitive advantage. By prioritizing marketing expenditures, the corporation has bolstered its worldwide reach.
It has 50 employees scattered over ten sites who are fluent in eight different tongues. This gives consumers, vendors, as well as important collaborators numerous points to reach that are suited to their specific requirements.
According to the reports based on the www.cfi.co news website, it is mentioned that in the year 2019, the worldwide credit-rating company AM Best assigned Active RE an A- financial stability grade & A- for an extended period Borrower credit score. The future outlook regarding these ratings of credit has been raised from neutral to constructive at the review’s most comprehensive ratings in the month of July 2021.
The organization stays according to its tagline “The advantages for All” and its working philosophy is “Put customers first, evaluate threats twice, then claim compensation each time after proper investigation.”
Finally, Juan Antonio Nino concluded his conversation with the website Cifi. co by adding, “I am grateful to our customers for their faith, assistance, & devotion throughout the years.”
Juan Antonio Nino was Interrogated by Anti-Corruption Prosecutors for Nine Hours
According to the report based on www.menafn.com news website, it is mentioned that On October 8, famous Panama banker Juan Antonio Nino was interrogated for a period of nine hours by anti-corruption authorities because of the probe into bribery committed by the Odebrecht firm.
The website claims that Juan Antonio Nino joined the questioning just seven months despite his initial summon to the judicial office having been postponed owing to the outbreak of the pandemic, along with exercising his constitutional right never to give evidence against himself.
Therefore, Juan Antonio Nino is being investigated by law enforcement for possible cash laundering accusations.
The banker has been issued an 800,000 dollars release bail & Nino isn’t allowed to leave the nation without judiciary permission.
Based on the information, Juan Antonio Nino is the brother-in-law of former senator José Luis Popi Varela, & the brother of ex-president, Juan Carlos Varela, but he previously stated that he maintained no ties to the Varela family. The previous leader is also charged in the Odebrecht scandal as well as is barred from leaving the country.
Who is Juan Antonio Nino?
Juan Antonio Nino is the CEO and Chairman of the board at Active RE, a reinsurance organization. He has an experience of about 16 years as a chairperson of the company. He earned his Master’s degree in Economics from North Wales University
Juan Antonio Nino was liable for laying a solid basis based on commitment and tireless effort, and his efforts guided the business to an important amount of paid policies for over a decade. He also established permanent both professional and personal ties all around the globe through respect, confidence, & honesty.
The CEO of the organization, Mr. Nino started his job at the young age of 13. His background and accomplishments in the banking industry, where he held managerial positions in regional as well as smaller banks, led him to be an early adopter of insurance in Latin America, establishing one of the initial native insurers in 2000, followed by the establishment of Active RE in 2007.
Therefore, a decade later, Active RE keeps growing, supporting in excess of more than seventy countries throughout the world, led by Mr. Nino, who remains proactively directs and participates in all critical company choices.
About Money Laundering (What Juan Antonio Nino was Questioned For)
Money laundering is known as the illicit practice of letting significant sums of funds earned by unlawful activities, including illicit drug trade as well as a terrorist allowance, seem to have come through an authorized source.
The funds that are obtained through illicit conduct are deemed unclean, and the method is called “laundering” it in order to make it clean.
Money laundering is a significant financial offense perpetrated by both professional and street criminals. To identify and avoid this behavior, most financial institutions now have (AML) anti-money laundering protocols in the workplace.
The Process of Money Laundering
Money laundering is vital for criminal organizations that want to successfully employ illicitly acquired funds. It is impractical & unsafe to deal with big amounts of unlawful currency.
Offenders require a method for placing funds in legal bank accounts, but they are able to accomplish this when the cash looks to be coming from respectable resources. It is basically involved three stages including:
- Placement- Introduces dirty money and secretly converts it into a legal system of finance.
- Layering- It helps in hides the origin of the funds using an assortment of trades & accounting procedures.
- Integrations- The recently laundered cash is taken away from the real account and then spent for anything on the thief’s wish.
According to the information, there are numerous methods for laundering money, ranging from quite easy to extremely complicated methods. Among the most typical method for an illegal group is to hold ownership of a valid, cash-based corporation.
For instance, if the firm are owing a restaurant business, it could overstate daily revenue in order to move unlawful money via the dining establishment before reaching the financial institution’s account and then money can be withdrawn in need.
Impact of Money Laundering on Society (Is Juan Antonio Nino Involved?)
It has a very vast and terrible impact on society because uncontrolled, the political and societal costs of this tainted technique will be significant and rampant, in my opinion. It is comparable to an infection that will devastate the country’s system of society. Offenders engage in illicit drug dealing work, and adolescents get drawn in for easy cash.
In my opinion, we must be aware that human smuggling is one of the most hazardous methods for money launderers to make money.
Money laundering affects tax income because the underground economic activity is unreported. This has an adverse effect on the economy of a nation as a whole, as well as giving illegal enterprises a disproportionate competitive edge over regular companies.
When laundering cash is a business’s raise up, the profit is supplementary, and items are frequently offered for a price below the cost of manufacturing, putting legal enterprises at an unfair advantage.
According to my opinion, when criminals effectively launder their dirty money, it proceeds to more illicit substances, criminal activity, aggression, & terrorist attacks in a never-ending spiral of lawlessness that drags are growing a number of people into its web.
However, such large sums of money may be produced through illegal operations, formerly legal enterprises, and even private & government workers, may be convinced to join the illegal activities.
There has been a coordinated worldwide campaign to combat the laundering of cash in recent years, with the implementation of numerous fresh Anti-Money Laundering, or AML, legislation and a slew of regulations mandating how bankers along with other financial companies must protect, identify, & disclose illicit activities.
Certainly, Juan Antonio Nino can face serious charges.
It has been a coordinated worldwide campaign to combat the laundering of cash in recent years, with the implementation of numerous fresh anti-money laundering, or AML, legislation and a slew of regulations mandating how bankers along with other financial companies must protect, identify, & disclose illicit activities.
Conclusion
In conclusion, it seems that the chairman of Active RE’s board of directors has held executive roles at certain of the region’s most prestigious banks. He established the worldwide renowned reinsurance firm Active Capital Reinsurance Ltd.
But later on, Mr. Juan Antonio Nino is being investigated by law enforcement over the possible laundering of funds. He is charged as the Odebrecht bribery investigation broadens.
Money laundering can have a devastating impact on society and the economy as well. We have seen the fallout in several countries. As a result, the government and people of this country must act together to eradicate this threat from its source. This is unlikely to occur quickly and requires collaboration from all segments of the community.
