Panama Seeks to Be Taken Off from FATF List for Money Laundering

Panama, Dec 2 (source: Prensa Latina) Panama will demonstrate on December 10, before the Financial Action Task Force (FATF), its progress in the plan of actions agreed to improve the legal framework for the prevention of money laundering and terrorist financing.

Isabel Fernandez, Director of the Policy Unit for the Prevention of Money Laundering and Terrorist Financing, said that Panama will present a package of laws presented to the Assembly by the Public Ministry.

She said that with this, Panama updates its criminal law, the documents on restructuring the Financial Analysis Unit (UAF) while creating a new anti-money laundering draft to enhance the obligation to report suspicious actions of money laundering to UAF.

According to the plan of actions agreed by the Government and FATF, Panama must pass the reforms before June 2015 and then the country may request a FATF review to be removed from the list.

Since last June Panama was included in the so-called gray list, along with Afghanistan, Albania, Nicaragua, Pakistan and Yemen, among others, due to the weaknesses found in the structure to fight money laundering and terrorism financing.


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