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Panama’s Financial Institution Security Measures Face Scrutiny

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A recent report has shed light on Panama’s efforts to implement technical requirements for combating money laundering and terrorist financing. The country’s financial institution security measures have been assessed against 40 key recommendations set by the Financial Action Task Force (FATF).

Areas of Compliance

Panama has made progress in several areas, including:

Assessing risk and applying a risk-based approach (requirements R.1 through R.6)
National cooperation and coordination (requirements R.2 through R.3)
Targeting financial sanctions related to terrorism and terrorist financing (requirement R.7)

However, the country has not yet achieved full compliance in some areas.

Areas of Improvement

Panama needs to improve its compliance in the following areas:

Confiscation and provisional measures (requirements R.4, R.9, R.12)
Financial institution secrecy laws (requirement R.13)
Politically exposed persons (requirement R.14)
Correspondent banking (requirement R.18)
Money or value transfer services (requirement R.20)

Call for Action

Experts say that Panama needs to take immediate action to address these concerns. “The country’s financial institution security measures are a critical aspect of its efforts to combat money laundering and terrorist financing,” said a spokesperson for the FATF. “We urge Panama to take all necessary steps to implement these requirements and ensure the integrity of its financial system.”

Full Report

A copy of the full report can be found on the FATF website.