The Panamanian authorities seized three boxes full of banknotes, including Cuban pesos, which were being transported as a shipment on a bus along the Panama–David–Frontera route, disguised under the description of “books.”
The discovery occurred during a routine inspection at the San Isidro checkpoint, where agents from the Customs Prevention and Enforcement Directorate detected the cargo and immediately referred it to the Public Ministry, as reported by the newspaper La Estrella de Panamá.
The surprise was significant upon discovering that, in addition to Brazilian and Turkish currency, there were also Cuban bills, a currency that has virtually no value outside the island. The seizure raises inevitable questions: What is the purpose of transporting large amounts of Cuban cash to another country, if it has no real use in the international market?
Until now, Panamanian authorities have not disclosed the identity or nationality of the person responsible for the transfer of the boxes, nor the final destination of the seized money. This official silence raises the mystery surrounding the origin and the true purpose of moving large amounts of a currency that has no value outside of Cuba.
The transfer of Cuban pesos, unlike dollars or euros, or even other currencies in the region, is quite perplexing. In Cuba, the outflow of foreign currency is severely restricted to a maximum of 5,000 dollars, while the national currency barely circulates within the island and lacks recognition in the international financial system.
Panama, as a regional logistics hub, maintains strict controls to curb money laundering and the illicit trafficking of goods. But in this case, the mystery is deeper: what destination could a shipment full of Cuban bills have in a country where they are worthless?
The case adds to a series of recent incidents where Cuban citizens have been caught transporting significant amounts of money in Panama.
In January, a traveler from Havana was intercepted at the Panama Pacific International Airport with 25,000 dollars hidden inside a book, after declaring that he only had 9,000. The money was confiscated and placed under the custody of the Public Prosecutor's Office.
Months later, in June, a Cuban woman who arrived on a flight from Cuba denied carrying large sums, but ended up surprised with 10,406 dollars unreported. Following the discovery, authorities reiterated that any amount exceeding 10,000 dollars must be declared, under the risk of fines and confiscation.
Frequently Asked Questions about the confiscation of Cuban pesos in Panama
Why were boxes with Cuban pesos seized in Panama?
Panamanian authorities seized boxes containing Cuban pesos during a routine inspection of a bus on the Panama–David–Frontera route. The boxes were disguised as "books" and also contained coins from Brazil and Turkey, raising questions about the reason for transporting a currency that has no value outside of Cuba.
What is the value of the Cuban peso outside the island?
The Cuban peso lacks real value outside of Cuba and is not recognized in the international financial system. This makes its transfer to other countries perplexing, as it has no practical use in international trade.
What measures does Panama take to control the flow of money?
Panama maintains strict controls over the flow of money to prevent money laundering and the illicit trafficking of values. Any income exceeding 10,000 dollars must be declared, and there are penalties for those who do not comply with this regulation.
What happens when large sums of undeclared money are transported in Panama?
When transporting amounts exceeding 10,000 dollars without declaration, the money may be seized and made available to the Public Prosecutor's Office. Authorities investigate to determine if there is any illicit activity associated with the undeclared money.
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