Panama Struggles with Financial Crime and Corruption
A Country Stuck in a Cycle of Corruption
According to a recent report from Transparency International, Panama continues to grapple with financial crime and corruption. Despite efforts to address these issues, the country’s score in the Corruption Perceptions Index (CPI) has stagnated at 35 out of 100 for three consecutive years.
Exacerbating Factors
Several factors contribute to the persistence of corruption in Panama:
- Widespread public perception: A survey conducted by Transparency International found that 56% of respondents believed that corruption had increased over the past year, while 18% reported paying a bribe when using public services.
- Lack of transparency: The situation is further complicated by the lack of transparency in political financing. This makes it difficult to track the flow of money and identify potential sources of corruption.
Initiatives to Combat Corruption
Transparency International has been actively working to combat financial crime and corruption through various initiatives, including:
- The Clean Money in Elections project: Aims to promote equal opportunities for women candidates by combating undue influence and promoting transparency in political finance.
- Global Corruption Barometer: Surveys people’s experiences with corruption around the world, providing valuable insights into the scale of the problem.
Regional Concerns
The lack of progress on financial crime and corruption in the Americas is a cause for concern, according to Transparency International’s recent report on the CPI 2021 for the region. Many countries continue to struggle with high levels of corruption, which hinders economic development and undermines trust in institutions.
The Way Forward
As Panama continues to grapple with financial crime and corruption, it is clear that more needs to be done to tackle this complex issue. Transparency International’s work in the country remains crucial in promoting transparency, accountability, and good governance.