Europe puts Panama on money laundering high-risk list

Panama will be included in a new list of high-risk countries with deficiencies in its anti-money laundering and anti-terrorist regime financing being prepared by The European Commission for release in February.

The Foreign Ministry of Panama confirmed that the government has been alerted of this possibility and questioned the European bloc ’s manner of proceeding “For the Republic of Panama, the process has been carried out in an opaque manner, given that the country was not informed in a timely manner of the specific reasons why it could be considered on this list,” said a  Foreign Ministry statement.

It added that the inclusion of Panama in a list of this type “would constitute an action that is inconsistent with the reality of the Panamanian financial platform, which now has an advanced and robust legislation to prevent money laundering and the financing of illegal acts, and for which it has demonstrated a constant dedication in the strengthening and modernization of it, which has even been recognized by international organizations where the European Union participates. “

The last regulatory change implemented by Panama to strengthen its legal framework against money laundering is the criminalization of tax fraud, which will also be considered a precedent for money laundering. Bill No. 591, which contains these changes, was approved in the third debate on Tuesday and is pending presidential sanction and promulgation to become the law of the Republic said the Ministry.

The Financial Times said that the list would include 23 countries and would also include Saudi Arabia, the United States Virgin Islands, American Samoa, and Libya, among others.