Thursday, August 18

Panama and Gafi agree on actions to reinforce policies against money laundering

The Government of Panama, represented by the Ministry of Economy and Finance (MEF), participated in the last session of the International Cooperation Review Group of the Financial Action Task Force (Gafi), to reiterate its commitment to comply with the recommendations to combat money laundering, the financing of terrorism and the financing of the proliferation of weapons of mass destruction.

The minister Hector Alexander, Head of the MEF, assured the will of this administration to advance in the fulfillment of the pending points of the Plan of Action drawn up to the country. In the last 12 months, 7 of the 15 committed actions have been effective.

8 actions remain to be completed that will require speed in their execution.

Among other performances Alexander mentioned the Bill No. 624, an initiative of the MEF, which was already approved in the third debate in the National Assembly and is expected to be enacted as Republic Law before the end of the year.

Minister Alexander added that as a sign of the momentum that is being given to the prosecution of financial crimes in Panama, the increase in parallel investigations in cooperation with other jurisdictions, and those of high risk, related to crimes preceding money laundering, such as human trafficking, corruption, drug trafficking and remittances of money without adequate control, already in the hands of the Public ministry.

Regarding pending tasks, Minister Alexander pointed out that the public institutions involved in the implementation of the actions of the Action plan and that they must demonstrate effectiveness are aware of the substantive and effective progress that as a country we must demonstrate in the coming months.

For Panama, it is very important to get out of these lists, that is clear and is becoming more and more evident ”, declared Minister Alexander in his participation in the session of the first debate of the Draft Law No. 624.

R00 highlighted the government decision to adopt the conditions that reinforce the culture of compliance in the country.

At this juncture, he added, “As a small country, we need international relations to ensure our growth and development, making the best of our service sector and we are losing competitiveness compared to other jurisdictions that have adapted to international standards.”

“We are on a crusade to get off the charts. We are going to do the job well, because it is not just about leaving, but about not re-entering the group of non-compliant countries. Weak fiscal transparency puts the country’s reputation at risk, ”said Alexander.