In addition to the two audits a year, the idea of amending the legislation to increase the oversight of the 161 financial companies registered in the country is being contemplated.
According to the Panamanian authorities it is important to update the legislation and supervision of financial institutions, as it is an important sector which manages $1.17 billion in assets.
According to companies in the sector, the increase in prices of construction materials and the salary adjustment of workers is increasing the final price of homes.
The annual average increase in the final price of the homes to be sold over the next four years in the country, including those currently under construction, has been calculated at 10%.
"This increase is due to several factors, which include increased wages for construction workers, an increase in the value of materials, cost of land, taxes, etc. among other things" according to Ivan Carlucci Sucre, manager of Inversiones Natasha and former president of the Panamanian Association of Brokers and Real Estate (ACOBIR).
The portfolio of loans granted through credit cards grew by 18% between November 2012 and November 2013.
Up until November 2013, the balance of active cards reached a total of $1.207 billion, while in the same period of 2012 it was $1.021 billion, representing an increase of 18% , according to statistics from the Superintendency of Banks of Panama (SBP).
From 22nd to 24th August the XVI Congress Committee for the Prevention of Money Laundering and Combating the Financing of Terrorism will take place next in Panama City.
The event, organized by the Panama Banking Association, will feature experts in the field from Argentina, Peru, Guatemala, the United States, Colombia, and the host country.
ACAN - EFE quoted Julio Aguirre, president of the organizing committee who said, "To the extent that we can gather together a group of experts, we can become aware of the vulnerabilities that are registered in other countries, their experiences, the adequacy of certain laws and what is the overall conceptualization of this issue. "
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.
The congress will analyze creating new controls and improving existing ones to prevent money laundering.
Experts from Argentina, Mexico, Venezuela, Guatemala, U.S., Dominican Republic, Colombia and Panama will be present at the activity, to be held from August 26 to 28.
Julio César Aguirre, president of the organizing committee, remarked: "The felony of money laundering and financing terrorism is complex, hard to prevent, not easy to investigate, and even harder to penalize. Therefore, constant training and actualization is necessary and obligated", reported Yahoo Noticias.