You are currently viewing MEF Minister: Panama does not plan to enter the FATF “black list”

Panama- The Government of Panama said on Tuesday that does not plan to enter on the “blacklist” the Financial Action Task Force (FATF), which has asked the country accelerate actions what fight money laundering before next June avoid new measures, including the possibility of being included in that listin which they are only Iran and North Korea.

“I don’t think we’re going to go on a (FATF) blacklist, but our biggest challenge is getting off those lists.”said the head of the Ministry of Economy and Finance (MEF), Hector Alexander, at the headquarters of the Chamber of Commerce, Industries and Agriculture (Cciap).

In your last updateFATF kept Panama on the “gray list”where you are from 2019, and urged “strongly” to the country to “show quickly progress significant in the ending from his action plan for June 2022”.

“We have been advancing quite strongly on the whole issue of the lists, we still have actions to show effectiveness, and we hope this year to be fully effective”, the minister added.

The Government argues which are in practice 8 of 15 actions required by the FATFand acknowledges that he still 7 missingincluding “modifications legislativecomprehensive development of risk analysis, implementation of regulations, development of a registry from final beneficiary and the increase in investigationsfocused on the crimes precedent in the Foreignamong others”, according to official information.


“The measures that we are taking to get off the lists are those that coincidentally have to deepen actions,” declared the minister.

He detailed that “a of them has to watch with the information systemon which a series of related information with the ultimate beneficiaries of the corporationsand another has to do with the constant monitoring that we must have regarding companies.”

Panama was included at 2014 on the gray list the FATF from countries whatand have deficiencies in the fight against money laundering and the financing of terrorism. Achievement leave at 2016 but it was reinserted andn june dand 2019 and it remains ever since.

On Februaryor past, the European Union (EU) kept up to Panama in its blacklist from tax havens beside American Samoa, Fiji, Guam, Palau, Trinidad and Tobago, US Virgin Islands and Vanuatuafter verifying that they continue not to cooperate or have not carried out the reforms to which they had committed themselves.

At Panama case, fails the international criteriait’s about transparency and exchange from tax information and has a regime from exoneration of the income coming from alien considered harmful by the EU.

The Central American country has committed, however, to comply with the recommendations of the OECD’s framework against the erosion of the tax base with regard to country-by-country declarations by multinationals in time for the autumn 2023 review. , as stated in the document approved by the Council of Industry Ministers of the EU. EFE


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