Panama Removed from Anti-Money Laundering Grey List After Implementing FATF Requirements

Panama’s Commitment to Combating Money Laundering Pays Off

On October 27, the Panamanian tax authority announced that the Financial Action Task Force (FATF) has decided to remove Panama from its anti-money laundering (AML) grey list. This decision follows Panama’s efforts to address and implement the necessary action points required for FATF compliance.

Background: Why was Panama Added to the Grey List?

In June 2019, Panama was added to the grey list due to the existence of 15 unfulfilled action points. These concerns were addressed through a series of reforms implemented by the Panamanian government.

Key Actions Taken by Panama

• Addressed existing concerns and implemented necessary changes
• Demonstrated commitment to combating money laundering and terrorist financing

Removal from the Grey List: A Positive Development for Panama’s Financial Sector

The removal of Panama from the grey list is seen as a positive development for the country’s financial sector. It demonstrates that Panama is committed to implementing international standards and best practices in combating money laundering and terrorist financing.

Benefits of Removal from the Grey List

• Improved access to global markets
• Reduced burden of compliance for financial institutions operating in Panama
• Enhanced reputation as a reliable and compliant jurisdiction

Conclusion: A Testament to Panama’s Effectiveness

Panama’s removal from the grey list is a testament to the effectiveness of its efforts to address concerns raised by the FATF. It demonstrates that with commitment and cooperation, countries can implement necessary changes to meet international standards and best practices.