European Commission Recommends that Panama be Removed from their Money Laundering List

Panama’s removal from the money laundering list is in the hands of the European Parliament.  The European Council and the European Parliament must approve or object to this recommendation to remove Panama from the money laundering list within a one-month period, which can be extended once.  The Ministry of Economy and Finance (MEF), points out that Panama is strengthening its anti-money laundering system as it moves forward with its removal from the EU’s high-risk list.

After the European Commission recommended removing Panama from the list of countries at risk of money laundering on Tuesday, June 10, two other bodies must approve this exclusion for it to become a reality.  “Only if the delegated act is not objected to within the established deadline, or if its approval is confirmed, will Panama’s exclusion become effective and it will no longer be part of the official high-risk list for the EU. Until then, Panama formally remains on that list,” commented economic consultant Luis Ocando.