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Panama Tables New Anti-Money Laundering Bill

by Mike Godfrey, Lowtax.net, Washington
26 March, 2015

Panama's National Assembly is considering legislation to overhaul the territory's Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CTF) regime, in a bid to have the territory removed from the Financial Action Task Force's grey list.

The current law on AML/CFT was enacted 15 years ago and is no longer adequate. The new law would strengthen supervisory systems in the financial services arena (including the area of banking and securities) and extend AML/CFT reporting obligations to certain higher risk non-financial sectors.

The new regime will also require that certain activities must be supervised by a regulated person, such as a notary, certified public accountant, or lawyer.

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