The Superintendency of Banks has taken over administrative and operational control of FPB BANK, after it was linked to the corruption case in Brazil known as "Lava Jato" ('Operation Car Wash' in English).
From a statement issued by the Superintendent of Banks:
An extension has once again been granted, this time until April 7, for the bank and brokerage firm to have access to the US financial market and be able to complete the process of its reorganization and sale.
Wednesday February 1, OFAC extends licenses for Balboa and Balboa Bank & Trust Securities, until April 7, 2017.The licenses were due to expire on Friday 3 February.
Last year 1,533 banking operations were reported to have characteristics signalling them as possibly relating to money laundering.
Greater emphasis on controls on transactions carried out by banks is the main reason why the number of transactions reported as unusual has increased.Of the 1,533 transactions reported last year, 89 ended in complaints to the public prosecutor.
Gafilat has identified the outstanding tasks needed to bring up to date matters relating to financing terrorism, control of casinos and the inclusion of lawyers in the Mandated Persons category.
The ruling was made by the Financial Action Task Force for Latin America (Gafilat), who released the Mutual Evaluation Report, up to the date of the in situ visit made between November 23 and December 4, 2015.
The Committee of Independent Experts from which Joseph Stiglitz and Mark Pieth resigned early on, has presented its findings and recommendations for Panama to achieve financial transparency as requested by the international community.
The Committee of Independent Experts was appointed by the Varela administration in April this year, after the commotioncaused by the revelation of the so- called Panama Papers, which reported the existence of a complex system of offshore companies focused around the Panamanian firm Mossack Fonseca, apparently used to conceal assets belonging to public figures.The Panama Papers scandal was the culmination of a process that has taken several years, in which Panama has been systematically attacked by the international financial community, led by the OECD, pointing to the opacity of its financial system, which lends itself to tax evasion activities to the detriment of other countries and possibly also money laundering.
Amendments to the law on the financial system include changes to the conditions which must be present in order for an order to be issued for the forced liquidation of an institution.
From a statement issued by the National Congress:
The National Congress approved on Thursday, in the third and final debate, several articles of the decree containing the amendments to the Law on Financial Institutions, which aims to bring legislation into line with international standards and prevent banks from having problems which could lead to a forced liquidation, as recently happened with Continental Bank, through an early and timely action by the supervisory body, preventing savers or account holders from being affected.
A proposal has been made in Panama to make public all sanctions to be imposed on entities that violate the law on prevention of money laundering.
The proposal put forward by the National Committee Against Money Laundering, and Financing of Terrorism and the Proliferation of Weapons of Mass Destruction (CNBC), created in 2015 within the framework of the new law on prevention of money laundering, aims to "...
In the first nine months of the year 1046 banking transactions were reported to have had characteristics of being possibly related to money laundering.
Data from the Superintendency of Banks in Guatemala indicates that 1046 reports were submitted, worth $400 million between January and September this year.
Elperiodico.com.gt reports that "...This year the number of reports increased by 25 percent, as in September 2015 only $100 million had been reported as suspicious transactions.The Superintendent indicated that this change is due to the "conscience" acquired by citizens, who are reporting more of these actions related to money laundering."Unusual situations that can not be explained by customers, become suspicious transaction and are reported," said the head of the SIB.
As time passes there is growing uncertainty on the part of traders that have shops in Soho Mall about the future of the company which has been included on the US government's list of companies suspected of money laundering.
From a statement issued by the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP):
I have six building lots in the Punta Leona Resort ready for construction. I am looking for a partner to provide financing and or construction. Wanted partner for financing and/ or construction in the...
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