Panama Gets Off FATF Gray List

Confirmation has been given that the country is to be removed from the list compiled by the Financial Action Task Fprce a year and a half after adjusting laws and regulations for the financial sector.

Thursday, February 18, 2016

The Minister of Economy and Finance in Panama, Dulcidio De La Guardia, confirmed that the removal of Panama from the gray list was approved during the plenary session of the Financial Action Task Force (FATF) held on Thursday February 18 in Paris, France.

See: "Panama: Flexibility In Light of to FATF Requirements"

The response of government authorities to the pressure exerted by the international institution may have motivated the decision to remove Panama from the gray list. Specifically, there was a requirement to adjust the legislation concerning the prevention of money laundering, financing of terrorism and proliferation of weapons of mass destruction.

See also: "Panama: Closer to Leaving Gray List"

As reported by the MEF, the FATF plenary in Paris was attended by the Minister Dulcidio De La Guardia; Deputy Minister of Finance, Eyda Varela Chinchilla; Director of the Financial Analysis Unit (UAF), Alexis Bethancourt; and the Superintendent of Banks, Ricardo Fernandez, among others.

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