Spanish Connection

by Hongwei Shang on July 11, 2008

in News

"With Limited grouth potential at home and a weak dollar, Spain’s banks mine South Florida for opportunities."  Wrote Wayne Tompkins in a recent article at Latin Lawyer Magazine.

According to the article, "[t]he Spaniards are spearheading a resurgence of international banking in Miami, after several years of contraction following the Sept. 11, 2001, terrorist attacks and the toughening of anti-money laundering regulations to fight terrorism."

Bob Targ, a partner with Diaz Reus who represented clients in money-laundering and white-collar criminal cases in the U.S. and Latin America, also commented in the article, "They don’t seem to be intimidated. Spain, like the other 100 or so countries that are a member of the international anti-money laundering treaties…has the same obligations." Targ also said the so -called "Spanish invasion" reflects the further globalization of banking in South Florida. "It leads to job investment and loan opportunities, development of imports and exports and letters of credit, all of that is good for the community."

To read the entire article, please visit


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