Panama expects to be struck off financial crime watch list in October
This article is a summary of reporting by Reuters. Originally published June 29, 2023.
Panama expressed optimism about being officially removed from the Financial Action Task Force (FATF) 'gray list' for anti-money laundering and counter-terrorist financing deficiencies. The government implemented extensive regulatory changes, increased beneficial ownership transparency, and strengthened compliance controls across the banking sector. Exiting the list was considered crucial for safeguarding foreign correspondent banking relationships and boosting international investor confidence.
AI Summary
Panama announced expectations that the FATF would remove it from its financial crime 'gray list' following substantial regulatory reforms.
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