Removal from FATF grey list would improve Panama’s EU rating
With the on-site visit of the technicians from the International Financial Action Task Force (FATF) next September, and the imminent exclusion of Panama from the “grey list” of jurisdictions under greater control, interest in the exit of the country from the European Union (EU) lists is also aroused.
Panama is on two EU lists and although “they are different processes and they are different lists, one of them has a direct impact on leaving the FATF list, which is the prevention of money laundering,” said the director and secretary technician of the National Coordinator of the National Commission against Money Laundering, the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction, Isabel Vecchio Arófulo.
However, Vecchio clarified that “that does not mean that you go out automatically; but they do have to present, as has been done, all the evidence that the country has in order to be excluded from the other lists; of course, waiting for the exclusion of the FATF and repeatedly presenting the evidence that allows us to leave the other lists of the EU”.
She indicated that the other list has to do with fiscal matters, which has an impact on the qualification by the Organization for Economic Cooperation and Development (Oecd), therefore, the country must improve the qualifications before the Global Forum for then get excluded from the other lists.
Vecchio recalled that the EU review period is twice a year, in October and February. “Every year, they review the progress of the different countries, make their decisions and make them public in October and February, these are the two times when this happens on the part of the EU.
“On the issue of the lists with the EU, the official stressed, the procedure is the same as with the FATF: conversations are held with them, appropriate qualifications must be made with the Global Forum because they are different issues and when the Global Forum gives the ratings up, then you can aspire to have a better rating with the EU”.
