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FATF Decision For Panama Positive For Local Banks, Says Moody's

by Mike Godfrey, Lowtax.net, Washington
09 March, 2016

Panama's removal from the Financial Action Task Force's gray list on money laundering is positive for Panama's sovereign credit rating and banks operating in Panama's financial sector, ratings agency Moody's said.

The agency said that it confirms that the Panamanian authorities have the ability to cope with the risks of money laundering. The removal from the gray list also protects banks and contributes to their access to liquidity from outside Panama, the Government said of Moody's report.

The Government highlighted that new legislation was enacted in April 2015 against money laundering. It said this legislation strengthens Panama's financial system and oversight of entities, and bolsters Panama's Financial Intelligence Unit.

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