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Door Opened To Guernsey-Panama Business

by Jason Gorringe, Lowtax.net, London
26 March, 2016

Guernsey's Financial Services Commission has released a new Instruction to firms to inform them that Panama is no longer considered to be a risky jurisdiction in terms of its compliance with anti-money laundering and countering the financing of terrorism (AML/CTF) standards.

The GFSC issues Instructions to regulated firms to warn them of the risks of doing business with countries that are considered by the Financial Action Task Force as not adhering to its internationally recognized AML/CTF standards.

The GFSC said: "Myanmar has now been added to Part B of the Instruction, which lists countries and territories with improving Global AML/CFT Compliance. This means that financial services businesses and prescribed businesses may apply a risk-based approach to relationships with a connection to Myanmar rather than having to apply a mandatory high risk designation to such a relationship."

"Lao PDR and Vanuatu are now also included within Part B, while Algeria, Angola, and Panama have been removed from the list of countries and jurisdictions subject to the Instruction. The Commission would however encourage businesses to continue to exercise caution when considering new and existing relationships with connections to Algeria, Angola and Panama."

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