The plenary of the Financial Action Task Force (FATF) held in Paris, France, approved that Panama exits from the grey list of this entity on Feb. 18, 2016.
During the meeting, FATF confirmed that Panama has the legal, regulatory and institutional framework defined in the Action Plan for the prevention of money-laundering, the financing of terrorism and the proliferation of weapons of mass destruction.
„This is a triumph of all Panamanians, of a country that worked together, both public and private sector, and achieved the necessary consensus to safeguard the best interests of our nation. This allowed the adoption and implementation of a new regulation which places Panama at the forefront in the field of the fight against money-laundering“, emphasised the minister of Economy and Finance, Dulcidio De La Guardia.
From July 2014, Panama has made rapid advances in the implementation of the 19 points of the action plan previously agreed with FATF to strengthen the systems of supervision and control.
In 2015, during the plenary of the Agency held in October, the Financial Action Task Force recognised the compliance of Panama of the plan at a technical level and approved the on-site visit performed from the 12th to the 14th of January of 2016.
The FATF plenary in Paris was attended by the Minister Dulcidio De La Guardia; the Deputy Minister of Finance, Eyda Varela de Chinchilla; the director of the Financial Analysis Unit (Unidad de Analisis Financiero – UAF, for its acronym in Spanish), Alexis Bethancourt; and the Superintendent of Banks, Ricardo Fernández, among others.