Sunday, Mar 07, 2021

Ciudad de Panamá

Panama not included in EU money laundering and terrorist financing list

The Ministry of Economy and Finance (MEF) reported this Friday that Panama has not been included in a new list of third countries with deficiencies in their strategies against money laundering and terrorist financing.
It is important to clarify that on October 1, 2020, the EU did not issue a new list, nor has Panama been included in an additional list as a result of any additional negative assessment or evaluation, the MEF emphasizes in a statement.

It explains that the European Commission adopted and published on May 7th, Delegated Act by which it issued a new methodology to list third countries that have strategic deficiencies in their AML / CFT regimes, which pose significant threats to the financial system of the Union European ("high risk third countries").

That same day the list was announced , in which Panama was included along with 11 other countries, which entered into force and its effects are applicable as of October 1, 2020.


The reason why Panama was included in the EU high risk list of May 7, 2020, lies in the fact that Panama currently remains on the FATF gray list, the ministry adds.

The MEF notes that the Government of the Republic of Panama has initiated an open dialogue with the European Commission to ensure timely recognition of the progress made by the country in the prevention of money laundering and terrorist financing and the consequent exclusion of the country off the list as soon as possible.

This was emphasized this Friday by the President of the Republic Laurentino Cortizo, who said that they are cooperating and that Panama is a country with a solid banking system, with a solid international financial system and must be careful of money laundering and terrorist financing for all Panamanians not just for the Government.

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