Money Laundering in Panama Insurance Sector

THE PANAMA  insurance market is strengthening preventive measures in order to get the country removed from the “gray list” of the International Financial Action Group.

The latest measure taken by the Superintendent of Insurance and Reinsurance was hosting the forum ‘Measures for the Prevention of Money Laundering and Combating the Financing of Terrorism in the Insurance Sector’ in which issues were addressed related to the prevention of money laundering and risk management in the sector.

Katherine Arjona, deputy director of the Insurance and Reinsurance Regulator of Panama, told Capital.com.pa that “… The Superintendency has been actively involved with local and international organizations in order to create the legal and structural platform to establish actions necessary for the prevention of all types of financial crimes, to enable the country to get off grey lists which currently cloud the image of Panama as an International Financial Centre. “

The Superintendent, Luis Della Togna said that “… There is no doubt that the insurance industry depends on an effective monitoring process based primarily on an analysis of financial statements, audits and continuous monitoring of suspicious transactions.”