Originally Syndicated on May 17, 2024 @ 5:39 am
Juan Antonio Nino discussed the benefits of being an early adopter with Active RE, a reinsurance company.
Over the years, Juan Antonio Nio has risen through the ranks of Latin American banking professionals, but he is currently the subject of a money laundering investigation.
The executive chairperson of Active RE’s boards has occupied high-ranking positions at several of the most esteemed establishments in the area. After being named executive vice president of Banco Uno Panama in 1999, Juan Antonio Nino opened 20 bank branches in eight years.
He completed extra coursework at the Wharton College of Business and the University of Harvard, which helped him gain significant professional skills and improve his financial and business acumen.
However, Juan Antonio Nino’s remarkable journey was far from over…
The founding of the globally renowned underwriting company Present Investment Reinsurance Limited in 2007 is among Nio’s most noteworthy achievements. Based in Barbados, Active RE began offering surety security to financial institutions after initially focusing on associate services or bank insurance.
For 418 enterprises and 152 brokers in 110 countries throughout Europe, Latin America, Asia-Pacific, the Middle East, and North Africa, Active RE offers solutions in addition to risk-management solutions.
The organisation’s practices and procedures are founded on high moral values and fully comply with all applicable international laws against money laundering and the funding of terrorism.
The corporation had a major competitive edge because they were the first to embrace emerging technologies. Through the strategic use of marketing budgets, the company has expanded its global footprint.
It employs fifty people who speak eight different languages fluently, dispersed over ten locations. This provides customers, suppliers, and significant partners with several points of contact that are tailored to their individual needs.
As per the information available on the www.cfi.co news website, Active RE was given an A- financial stability grade and an A- for an extended period of time Borrower credit score in 2019 by the global credit-rating business AM Best. At the review’s most thorough ratings in July 2021, the future outlook for these credit ratings was upgraded from neutral to constructive.
The company’s working attitude is “Put customers first, evaluate threats twice, then claim compensation each time after proper investigation,” which aligns with its tagline, “The advantages for All.”
Juan Antonio Nino ended his interview with Cifi.co by saying, “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
The investigation into bribery by the Odebrecht corporation led to the famed Panamanian banker Juan Antonio Nino being subjected to a nine-hour interrogation on October 8 by anti-corruption officials, as per the claim based on the news website menafn.com.
According to the website, Juan Antonio Nino exercised his constitutional right to never testify against himself and only attended the interrogation seven months after the pandemic delayed his original summons to the judicial office.
As a result, authorities are looking into claims that Juan Antonio Nino may have laundered money.
The banker was granted a bail of $800,000, and Nino is prohibited from leaving the country without a judge’s approval.
According to the information, Juan Antonio Nino is the brother of former president Juan Carlos Varela and the brother-in-law of former senator José Luis Popi Varela; nevertheless, he had previously claimed to have no family ties. The former leader is prohibited from leaving the nation and is also indicted in the Odebrecht affair.
Juan Antonio Nino: who is he?
At Active RE, a reinsurance company, Juan Antonio Nino serves as both the company’s CEO and board chairman. As the company’s chair, he has roughly 16 years of expertise. North Wales University awarded him a master’s degree in economics.
Juan Antonio Nino was responsible for establishing a strong foundation through dedication and unceasing work, and his efforts led the company to a significant number of paid policies for more than ten years. He also built trust, confidence, and honesty to forge enduring relationships on a personal and professional level with people all over the world.
Mr. Nino, the organisation’s CEO, began working there at the tender 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.
Thus, ten years later, Active RE is still expanding and supporting over seventy countries globally, under the leadership of Mr. Nino, who continues to actively direct and participate in all significant corporate decisions.
About Money Laundering
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 authorised 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 offence perpetrated by both professional and street criminals. To identify and avoid this behaviour, 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 hide 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 methods for an illegal group is to hold ownership of a valid, cash-based corporation.
For instance, if the firm owns 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
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, the profit is supplementary, and items are frequently offered for a price below the cost of manufacturing, putting legal enterprises at an unfair advantage.
In 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 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.
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.
In summary
To sum up, it appears that the chairman of Active RE’s board of directors has occupied executive positions at some of the most prominent institutions in the area. He founded Active Capital Reinsurance Ltd., a globally recognized reinsurance company.
Later on, though, law enforcement began looking into Mr. Nino for potential money laundering. As the scope of the Odebrecht bribery investigation increases, he is charged.
The effects of money laundering can be disastrous for both the economy and society. The consequences have been witnessed in a number of nations. To eliminate this menace at its source, the people and government of this nation must work together. This is a process that will probably take time to complete and calls for cooperation from all community members.
