Panama: Detailed Assessment Report—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

International Monetary Fund

No 2014/054, IMF Staff Country Reports from International Monetary Fund

Abstract: This report evaluates the level of implementation of Financial Action Task Force (FATF) Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) in Panama. The findings reveal that Panama is vulnerable to money laundering from a number of sources, including drug trafficking and other predicate crimes committed abroad, such as fraud and financial and tax crimes. The AML Law covers most of the core financial sectors but does not fully apply to the insurance sector and does not extend to a number of other financial activities as required under the FATF standard. Competent authorities, including law enforcement and the Financial Intelligence Unit, do not have timely access to information on legal persons and arrangements as required under the FATF standard.

Keywords: ISCR; CR; savings and loan; executive director; savings bank; The AML; CFT regime; compliance officer; CFT supervision; due diligence; business firm; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Money laundering; Terrorism financing; Insurance companies; Central America; South America; Global (search for similar items in EconPapers)
Pages: 348
Date: 2014-02-18
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