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Financial Crime and Corruption Plague Panama

A new report has highlighted the pervasive nature of financial crime and corruption in Panama, a country in Central America known for its banking secrecy laws and offshore tax havens.

The Extent of Financial Crime

According to a recent report by Global Financial Integrity (GFI), corruption is the most prevalent financial crime affecting the region, followed closely by money laundering, trade-based money laundering, and terrorism financing. The report, which was based on 250 expert interviews with government officials, civil society representatives, and private sector experts, found that corruption generates billions of dollars in illicit profits each year.

Corruption: A Growing Concern

• Corruption is the largest source of illicit proceeds in Panama: Billions of dollars are laundered through financial institutions, real estate, and bulk cash smuggling.
• The banking system facilitates money laundering and tax evasion: Wealthy individuals and corporations use Panama’s banking secrecy laws to hide their assets.

Recommendations for Improvement

To combat financial crime and corruption, the report recommends:

• Establish specialized courts to handle financial crime cases
• Implement longer-term staff exchange programs between Panama and other countries in the region
• Strengthen anti-money laundering laws and enforcement efforts
• Increase transparency and accountability in the country’s banking system

International Scrutiny

Panama has faced criticism in recent years over its lax banking regulations and lack of transparency. The country’s banking system has been accused of facilitating money laundering and tax evasion by wealthy individuals and corporations. In 2016, the Panamanian government was forced to release a massive leak of financial documents showing widespread use of offshore tax havens by politicians, business leaders, and celebrities.

Conclusion

The report’s findings are likely to put additional pressure on Panama to strengthen its anti-money laundering laws and enforcement efforts. The country is already subject to international scrutiny over its banking secrecy laws, which have been criticized for facilitating money laundering and tax evasion.