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European Union Removes Panama from High-Risk List

The European Union has announced the removal of Panama from the list of countries considered "high-risk due to strategic deficiencies in anti-money laundering and counter-terrorist financing efforts."

Following a thorough analysis of Panama’s advancements in anti-money laundering and counter-terrorism financing, the Commission has acknowledged the significant progress made by Panama’s technical team in enhancing its regulatory framework in these areas.

Key actions include strengthening the legal and regulatory framework to fulfill commitments outlined in the Financial Action Task Force (FATF) action plan and implementing effective mechanisms that have proven successful.

Panama’s removal from this list is the outcome of a process initiated in October 2020 and involves implementing substantial measures to address these challenges.

The modification announced today by the European Commission, amending Delegated Regulation (EU) 2016/1675 through an annex, will come into effect twenty days after its publication in the Official Journal of the European Union, marking a significant step towards international transparency for the country.Since October 27, 2023, Panama is no longer on the FATF grey list and is therefore not subject to intensified monitoring by this organization concerning money laundering and terrorist financing. Panama’s commitment to the Financial Action Task Force of Latin America (GAFILAT) remains steadfast, aiming to strengthen its regime further and stay at the forefront of these issues.

This achievement results from a collaborative effort between Panama’s National Coordination for Anti-Money Laundering and Counter-Terrorist Financing, led by the Ministry of Economy and Finance, alongside competent authorities, the private sector, and the international community.

International recognition of Panama’s measures bolsters its economy and enhances its global reputation. Removal from these lists not only underscores Panama’s leadership in combating money laundering and terrorist financing but also highlights its ability to implement concrete and practical actions promptly. This solidifies its competitive position in the international financial community and facilitates more robust and more transparent economic and monetary relations globally.

Fabrega Molino

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