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Panama Removed From FATF Gray List

by Mike Godfrey, Lowtax.net, Washington
19 February, 2016

Panama's President, Juan Carlos Varela Rodríguez, has hailed the Financial Action Task Force's decision to remove Panama from its 'gray list' of non-compliant countries.

FATF confirmed that Panama now has the legal, regulatory, and institutional framework in place to effectively prevent money laundering, the financing of terrorism, and the proliferation of weapons of mass destruction.

Panama's removal from the gray list follows a commitment it made in June 2014 to work with FATF and the Financial Action Task Force of Latin America (GAFILAT) to address deficiencies in its regimes.

The Panamanian President singled out Law 23 of 2015 as particularly important in defending and strengthening Panama's financial system.

He said the Government is in the process of implementing more measure:

  • Adequately criminalize money laundering and the financing of terrorism.
  • Establish and apply an appropriate legal framework for freezing terrorist assets;
  • Establish effective measures for customer due diligence, to increase transparency;
  • Establish a fully operational and effectively functioning financial intelligence unit; and
  • Establish suspicious operations requirements for all financial institutions and reporting rules.

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