Growing Economies subject to money laundering
The economic and banking growth in Panama attracts large investors, but it also makes the country vulnerable to money laundering.
Wednesday, August 20, 2008
Amado Barahona, director of the Financial Analysis Unit, said yesterday that Panama is fighting against this scourge, and to fight it they have made provisions not only in the banking sector, but also in the insurance sector and the Free Zone, since money launderers use various types of businesses.
The Guatemalan Banking Superintendent (SOB) set in $3,000 the limit for transactions in cash without justifying the origin of the funds. From October on, the people that carry out money transfers over $3,000 should justify where the money comes from.
The modifications include new subjects and sectors who will be required to implement the regulations for prevention of money laundering.
A year after laws were approved to prevent money laundering in Panama there are still companies that have not been registered and will not be able to report suspicious transactions.
A maximum security facility, for the crime and financial investigation divisions of the Judicial Police, was announced in Panama.
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