Limitations on control of casinos and gambling, and the inability to legally access banking information, limit the chances of success in the fight against money laundering.
Passing laws that favor combating money laundering have stalled in Congress, impeding the implementation of effective measures against the problem. This situation affects the results of the evaluation currently being carried out by representatives from the Financial Action Task Force group (FATF).
"It is imperative that banks have the necessary controls that enable them to timely detect suspicious money laundering activities."
The new president of the Banking Association of Panama (ABP) is proposing the creation and implementation of a Code of Conduct for unionized entities, similar to what exists for other banking associations in the region.
The two nations have been included in the list of countries with deficiencies in the fight against money laundering and terrorist financing.
The Financial Action Group, assigned to the Organization for Economic Cooperation and Development noted that Panama and Nicaragua are in breach of the recommendations that the agency provides to improve controls for preventing money laundering in the financial system.
The Minister of Finance announced that the country did not pass the first stage of the review by the OECD because it has not implemented a law immobilizing bearer shares.
An assessment of tax transparency and exchange of information that would have been made by the Global Forum Organization for the OECD will prevent the country from being removed from the list of tax havens.
Adherence to the group known as GAFISUD by its initials in Spanish will strengthen the work on preventing and combating money laundering and repressing terrorist financing .
A press release from the Superintendency of Banks of Guatemala reads:
The Government of the Republic of Guatemala reported that the incorporation of country into the Financial Action Task Force of South America (GAFISUD) was unanimously passed during the "XXVII Plenary of Representatives Financial Action Task Force of South America (GAFISUD)" held in Buenos Aires, Argentina, from the 15th to 19th of July 2013.