Money Laundering: Panama and Nicaragua Join the List

The European Commission announced that the two Central American countries are on the list of nations with deficiencies in their anti-money laundering and anti-terrorist financing strategies.

Thursday, May 7, 2020

Bahamas, Barbados, Botswana, Cambodia, Ghana, Jamaica, Mauritius, Mongolia, Myanmar/Burma, Nicaragua, Panama and Zimbabwe are the countries included in the list, the European Commission reported.

The May 7 statement explains that "... The Commission has a legal obligation to identify high-risk third countries with strategic deficiencies in their anti-money laundering and anti-terrorist financing frameworks."

Pending the implementation of the improved methodology, the Commission has today reviewed its list, taking into account international developments since 2018. The new list is now more in line with the lists published by the FATF."

The Commission has amended the list by means of a Delegated Regulation. It will now be submitted to the European Parliament and the Council for approval within one month (with a possible extension of one month). In view of the coronavirus crisis, this Regulation containing a list of third countries - and therefore entailing the application of new protective measures - will not apply until October 1, 2020, the document states.

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More on this topic

Panama Does Not Want to Be a "High Risk" Country

February 2019

The Varela administration rejects the European Commission's proposal to include the country in a list of high-risk countries with strategic deficiencies in the struggle against money laundering and terrorism.

Considering that the publication issued today by the European Commission must be submitted to the European Parliament for approval within one month, which may be extended, the Government of Panama announced that it will continue its efforts to establish a communication channel to clarify the Commission's concerns.

The Risk of Money Laundering in Central America

August 2017

Panama and Nicaragua are among the ten countries in Latin America with the highest risk of money laundering, according to the Basel Institute of Governance.

The anti-money laundering index (AML) prepared by the Basel Institute of Governance places Panama in fourth place in the list of countries with the highest risk of money laundering and financing of terrorist activities in Latin America and the Caribbean. 

Costa Rica: 25 Days to Avoid the "Gray List"

June 2016

Entrepreneurs who do business overseas could see their commercial operations affected if the country is included in the list of non cooperative nations in the fight against money laundering and terrorism financing.


The demonstrated difficulty of the Solis administration in governing, understood as the management of conflicts between different sectors of the population, makes it difficult to be optimistic and believe that it eill be able to approve, before July 15th, the laws against money laundering and terrorism financing, which would prevent the country from being included in the list of non-cooperative countries on these issues.

Nicaragua Gets Off "Gray List"

March 2015

The Financial Action Task Group has removed Nicaragua from the list of countries that pose risks relating to money laundering and terrorist financing.  

From a press release by The Financial Action Task Force (FATF):

Jurisdictions no Longer Subject to the FATF’s On-Going Global AML/CFT Compliance Process:

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