Opening a bank account in Panama is notoriously challenging due to the strict scrutiny applied to all Panamanian banks as part of their role in the international banking system. The process is even more complicated for non-profit organizations that manage large sums of money, as not all banks are willing to service them. The Board is pleased to announce that a new account has been successfully opened with MMG Bank in the sole name of the PH. This account is active and currently in use.
Additionally, as part of the OGI settlement, the sequester on the Global Bank account is in the process of being lifted. The matter is progressing through the court system, and we expect that approximately $37,000 will be available to the PH within the next 60 days.