Panamá LEAVES THE FATF GRAY LIST
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On Friday, October 27 of this year, the Financial Action Task Force (FATF) in a plenary session held in Paris, France, decided to remove Panama from its gray list considering that the country has made significant progress in terms of international transparency. Since then, it has demonstrated its commitment to the fight against money laundering and the financing of terrorism, as well as the adoption of measures that allow fair and equitable competition in the financial community at an international level.

How is the FATF gray list output translated?

  • Attracting new investments and strengthening current ones
  • Improves the economic stability of the country and the generation of more jobs
  • Raises the international image of Panama
  • Simplifies international trade
  • Strengthens the local financial system
  • Reduces risks of international sanctions.

News from the FATF plenary meeting
During the plenary meeting, FATF also announced that a report will be presented on the use of ‘crowdfunding’ or collective microfinancing with the aim of strengthening financial intelligence on terrorist financing networks, as well as the adoption of financial sanctions and confiscations to cut off the sources of income for terrorists with a view to avoiding conflicts and aggressions such as those prepared by Hamas in Israel at the beginning of October. Which has been considered a high priority for jurisdictions worldwide to adopt in their respective legislative systems.

Note: For more information write to ibonilla@lacgrp.com

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