New steps to inhibit money laundering in Panama

A BILL to help reduce money laundering in Panama includes controls on livestock auctions and car sales.

The bill which is expected to be presented in the National Assembly in the next few months.

The proposal is for auto sales and livestock auctions to be regulated to prevent them from being used for other purposes. These two sectors handle cash, making them activities prone to being used in illegal ways says CentralAmericaData

"Other sectors such as finance companies, pawnshops, money remittances, financial leasing companies and credit reporting agencies, also form part of the entities that must comply with the standard," 
Elsa Nelly Carrillo de Barría, CEO of Empresas Financieras, says the institution "vigorously exercises its duties on all companies making suspicious transactions which threaten the economic order and go against the laws preventing money laundering."

Patricia Avila, an analyst at the Department of Financial Analysis at the Financial Analysis Unit (UAF), said implementing the policy of "know your customer" is critical in preventing these activities being used for money laundering.