Panama reiterated its commitment to continue efforts to exclude it from the gray list of the Financial Action Task Force (FATF) during the XLIV Meeting of the Working Groups and the Plenary of Representatives of Gafi Latin America (Gafilat).
The meeting that took place from November 29 to December 3, 2021, was held in the Dominican Republic, and had the participation of Isabel Vecchio, national coordinator before Gafilat and technical secretary of the National Commission against Money Laundering, Financing of Terrorism and the Proliferation of Weapons of Mass Destruction (CNBC), as well as Michelle González, technical coordinator of the Directorate of International Financial and Fiscal Strategy (Deffi) of the Ministry of Economy and Finance (MEF).
Among the relevant topics discussed, it is highlighted the presentation of the Progress Report of Panama in actions relevant in the prevention of money laundering and financing of terrorism and proliferation of weapons of mass destruction-ML / FT / PADM, in the last six months.
“Panama continues working on the actions that it has pending and strengthening the prevention system in accordance with international standards,” reiterated coordinator Vecchio during this meeting.
In the last plenary meeting of the FATF held on October 19-21, 2021, it was ratified to maintain the inclusion of Panama in the gray list of Jurisdictions under increased supervision, and the body urged “strongly Panama to quickly complete its action plan by February 2022”, warning that otherwise, “decide the next step in that time for insufficient progress”.
In the document published on your website, the FATF expressed its “concern about the pace of progress and the fact that Panama has not completed the elements of its action plan that expired in full in January 2021 ”.
It details that in June 2019 when Panama entered the FATF gray list for the second time, made a high-level political commitment to work with the FATF and GAFILAT to strengthen the effectiveness of their AML / CFT (Anti-Money Laundering and Anti-Terrorism Financing Compliance) regime.