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.
Raúl Guizado, secretary of the Banking Association of Panama, declared that the banks have taken precautions, especially regarding foreign capital, in order to know who is the final beneficiary of the funds, be they individuals or companies.

More on this topic

Obligation to Report Suspicious Transactions

June 2016

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.

The laws passed in April 2015 extended supervision to companies which up until now have been unregulated such as those selling vehicles, and construction companies in free zones, which are required to report suspicious transactions under the new legal framework.  

High Security Building for $32 million

November 2013

A maximum security facility, for the crime and financial investigation divisions of the Judicial Police, was announced in Panama.

In order to pay for the 33 story building, the Panamanian Public Ministry (MP) will use $32 million in seized assets, which were "derived from the equivalent of confiscation of gold, after the capture and conviction of foreign nationals who used the Colon Free Zone, to commit unlawful acts and were prosecuted and punished in the U.S. "

Panama: Improved Anti-Money Laundering Law

August 2011

The modifications include new subjects and sectors who will be required to implement the regulations for prevention of money laundering.

In order to conform to international standards, Panamanian authorities are considering possible amendments to the Law 42, passed in 2000 on the prevention of money laundering and combating the financing of terrorism.

Limit for Cash Transactions Lowered to $3,000 in Guatemala

September 2010

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 purpose of limiting the income of currencies in cash in the national financial system pretends to detect, in a more effective way, any monetary transaction that can have some criminal origin", indicated Edgar Barquín, holder of the SOB, to Elperiodico. com. gt

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