|
|
Sanctions:
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
As a recognised offshore finance jurisdiction this country may fall
under various country offshore jurisdiction blacklists.
____________________________________________________________
US State Department Money Laundering Report - 2012:
Panama’s strategic geographic location and status as a regional
financial center make it an attractive jurisdiction for money
launderers. Panama’s success in establishing itself as a regional
business and logistics hub, based on the success of its ports,
airport and the Colon Free Zone – the second largest free trade
zone in the world – have enhanced its attractiveness for
organizations engaged in illicit financial activities. Money
laundering in Panama is believed to be primarily related to the
laundering of the proceeds of drug trafficking, and the country sits
along major drug trafficking routes. The work of launderers is
facilitated by weaknesses in the regulatory framework, notably the
existence of bearer share corporations, but more importantly by
uneven enforcement of anti-money laundering measures and the
weak judicial system, which is susceptible to corruption and
favoritism.
After negotiating and signing 13 Double Taxation Treaties with
OECD members, and ratifying the Tax Information Exchange
Agreement with the United States in 2010, Panama achieved
removal from the OECD’s gray list of tax havens in July 2011.
For additional information focusing on terrorist financing, please
refer to the Department of State’s Country Reports on Terrorism,
which can be found here: http://www.state.gov/j/ct/rls/crt/
Do Financial Institutions engage in currency transactions related
to international narcotics trafficking that include significant
amounts of US currency; currency derived from illegal sales in the
U.S.; or that otherwise significantly affect the U.S.: YES
Criminalization of Money Laundering:
“All serious crimes” approach or “list” approach to predicate
crimes: List approach
Legal persons covered: criminally: YES civilly: NO
Know-your-customer (KYC) rules:
Enhanced due diligence procedures for PEPs: Foreign: NO
Domestic: NO
KYC covered entities: Banks, savings cooperatives, savings and
mortgage banks, and money exchanges; investment houses and
brokerage firms; insurance and reinsurance companies;
fiduciaries; casinos; free trade zone companies; finance
companies; real estate brokers; and lawyers
Suspicious Transaction Reporting (STR) Requirements:
Number of STRs received and time frame: 563 in 2010
Number of CTRs received and time frame: 495,546 in 2010
STR covered entities: Banks, cooperatives, and money
exchanges; casinos; fiduciaries; insurance companies;
government entities focused on the lottery: and investment houses
Money Laundering Criminal Prosecutions/Convictions:
Prosecutions: Not available
Convictions: 22 in 2010
Records exchange mechanism:
With U.S.: MLAT: YES Other mechanism: YES
With other governments/jurisdictions: YES
Panama is a member of the Financial Action Task Force on
Money Laundering in South America (GAFISUD), a Financial
Action Task Force (FATF)-style regional body. Its most recent
mutual evaluation can be found here: http://www.cfatf-gafic.
org/downloadables/mer/Panama_3rd_Round_MER_(Final)
_English.pdf
Enforcement and implementation issues and comments:
Panama cooperates well with U.S. law enforcement agencies.
However, the notable successes the Government of Panama
(GOP) has had in interdicting flows of illegal drugs have not been
matched by similar success in addressing money laundering
concerns. The various government agencies tasked with
addressing money laundering remain fractured and under-
resourced, and communicate poorly with one another. Panama’s
financial intelligence unit, the UAF, in particular, lacks the
resources to process and investigate, let alone enforce, reporting
requirements on suspicious transactions. The judicial branch’s
capacity to successfully try and convict money launderers remains
weak, and judges remain susceptible to corruption. Although the
GOP took a step forward with the introduction of know-your-client
legislation requiring lawyers to conduct due diligence into the
beneficial owners of the companies they incorporate, the
continued existence of bearer shares corporations remains a
vulnerability of the anti-money laundering regulatory framework.
Panama, through its Customs Authority, is taking steps to reduce
the use of Tocumen Airport as an artery for cash couriers to move
cash into Panama. More targeted enforcement action, in
collaboration with U.S. law enforcement agencies, has led to
increased scrutiny of passengers and notable seizures of
undeclared cash at the airport.
Customs also has been effective in disrupting trade-based money
laundering through the partnership of the Panamanian and U.S.
trade transparency units (TTU). Established in 2010 by U.S.
Immigration and Customs Enforcement and Panama’s Customs
authority, the Panamanian TTU has had significant success.
Despite these advances, Customs lacks sufficient resources to
fulfill its mandate.
The Colon Free Trade Zone (CFZ) continues to be vulnerable to
abuse by criminal groups through illicit financial activities, due
primarily to insufficient enforcement of existing controls. The new
electronic transaction recording information system, when fully
implemented, will improve capacity to trace transactions. Bulk
cash is relatively easily introduced into the country by declaring it
is for use in the CFZ. A new resolution, published December 14,
2011, improves the AML/CFT framework in the CFZ. The
resolution has 25 articles that supersede and include all the
provisions of law 42 of 2000 and Decree JD-008 of 2008. It will
enter into force 60 days after publication. Among the items
addressed are the requirement to have a compliance officer in
each company; implementation of preventative measures,
supervision, inspection and sanctions; STR and CTR reporting;
and know your customer policies.
During 2011, the GOP took steps to continue to improve the
legislative framework governing anti-money laundering and
financial sector transparency. In 2011, Panama passed legislation
(Law 2 of 2011) requiring lawyers to know their clients, conduct
due diligence on the beneficial ownership of corporations they
establish and share that information with the authorities upon
request. These steps have strengthened Panama’s regulatory
framework. Panama also is drafting new anti-money laundering
legislation, which would strengthen the UAF’s authority and
increase the number of sectors required to report suspicious
transactions.
If the GOP continues its efforts to improve its anti-money
laundering legal framework, particularly eliminating bearer shares,
criminalizing “tipping off,” improving the strength of the prosecutor’
s office and the judicial system, and creating a more transparent
financial network, money laundering will become more difficult
within Panama’s borders.
____________________________________________________
US State Dept Narcotics Report 2012 (introduction):
In 2011, Panama remained a focal point for illicit activity, including
the trafficking of illegal drugs and goods. By virtue of its
geographic location and the presence of the canal, Panama was
and remains a crossroad for illicit trafficking. Drug Trafficking
Organizations (DTOs) – mostly from Mexico and Colombia – and
the Revolutionary Armed Forces of Colombia (FARC) used
Panama’s remote spaces such as the Darién region, its coastline
and littoral zones, and its transportation infrastructure to move
illegal drugs and other contraband. This infrastructure included
four major containerized seaports, the Pan-American Highway,
and Tocumen International Airport, which boasts the most
passenger traffic of any airport in Central America. President
Ricardo Martinelli’s administration continued Panama’s historic
cooperation with the United States on counternarcotics
operations, investigations, and capacity building. The United
States worked closely with the leadership of all Panamanian
security services to build stronger security and justice sector
institutions. Panama is a party to the 1988 UN Drug Convention.
For Full report, click here
____________________________________________________
US State Dept Trafficking in Persons Report 2011
(introduction):
(Tier 2 Watch List)
Panama is a source, transit, and destination country for women
and children subjected to sex trafficking and forced labor.
Although some Panamanian women and girls are subjected to sex
trafficking in other countries in Latin America and in Europe, most
Panamanian trafficking victims are exploited within the country.
Both NGOs and government officials anecdotally reported that the
commercial sexual exploitation of children was greater in rural
areas, the Darien region, and in the city of Colon, than in Panama
City, though NGOs report that some Panamanian children, mostly
young girls, are subjected to domestic servitude. Most foreign
trafficking victims are adult women from Colombia, neighboring
Central American countries, and the Dominican Republic; some
victims migrate voluntarily to Panama to work but are
subsequently forced into prostitution or domestic servitude.
During the reporting period, some Chinese citizens were
smuggled into the country to work in grocery stores and laundries,
apparently in situations of debt bondage. Weak controls along
Panama’s borders make the nation a transit point for irregular
migrants, from Latin America, East Africa, and Asia, some of
whom may fall victim to human trafficking en route to the United
States.
The Government of Panama does not fully comply with the
minimum standards for the elimination of trafficking; however, it is
making significant efforts to do so. During the reporting period
authorities established a commission which drafted
comprehensive anti-trafficking legislation to bring anti-trafficking
laws in line with the 2000 UN TIP Protocol. Authorities identified at
least 43 trafficking victims and prosecuted five sex trafficking
offenders, and in partnership with civil society and foreign
governments, provided training to Panamanian officials. However,
Panama continued to lack prohibitions against forced labor in its
penal code, and authorities did not convict any trafficking
offenders during the year. Specialized victim services, particularly
for adult victims, remained limited, and authorities did not report
using proactive procedures to identify trafficking victims among
detained migrants.
For full report click here
____________________________________________________
US State Dept Terrorism Report 2010
Overview: The most direct counterterrorism challenge facing
Panama is a unit of the Revolutionary Armed Forces of Colombia
(FARC), which used the remote Darien Region as a safe haven.
The safety of the Panama Canal continued to benefit from the
Government of Panama’s solid stewardship and support of the
annual PANAMAX exercise, a multinational security training
exercise tailored to the defense of the canal, perhaps the region’s
most important infrastructure component.
Legislation and Law Enforcement: The Government of Panama’s
determination to exercise its sovereignty in the Darien through
more aggressive patrolling by security forces has increasingly
brought FARC combatants in direct contact with Panamanian
forces. In January, three FARC members were killed and two were
captured during a confrontation with Panamanian border police in
the Darien, and in June two border police were injured by
improvised explosive devices (IEDs), presumably placed by the
FARC. Eight local Panamanians were subsequently arrested for
collaborating with the FARC. In October, the Colombian military
bombed a FARC camp near the Panamanian border, killing one
mid-level commander and several other members. Finally, in
December, Panama brought to trial three presumed members of
the FARC 57th front captured after a February 2008 confrontation
with border police in the Darien; the trial is one of the first held in
Panama specifically on terrorism charges.
The United States and Panama continued to plan for incidents
that could potentially shut down transit through the Panama
Canal. In September, Panama co-hosted the annual PANAMAX
exercise, a multinational security training exercise initiated in 2003
that focuses on the security of the canal. The exercise replicates
real world threats and includes specific exercises designed to
counter terrorist attacks. Several U.S. government agencies
participated in the exercise.
In November, U.S. Department of Homeland Security Secretary
Napolitano signed a memorandum of understanding with Panama
to collect and interpret Advance Passenger Information System
(APIS) data to target potentially dangerous and criminal
passengers on all flights in and out of Panama, complementing
data already being shared between Panama and the United
States.
Panama continued its participation in the Container Security
Initiative at Balboa and Manzanillo, and the Evergreen Colon
Container Terminal. The U.S. Southern Command (SOUTHCOM)
sponsored Combating Terrorism Fellowship Program (CTFP) has
supplemented instructional training and professional development
with Mobile Training Teams and conferences.
Countering Terrorist Finance: The factors that have contributed to
Panama’s growth and financial sophistication– the large number of
offshore banks and shell companies, the presence of the world’s
second-largest free trade zone, the growth in ports and maritime
industries, and the use of the U.S. dollar as the official currency –
also provided the infrastructure for significant money laundering
activity. While Panama has taken extensive measures to counter
money laundering in the banking system, the Colon Free Trade
Zone’s significant revenue turnover and cash-intensive
transactions left the area vulnerable to money laundering and
terrorist financing. In October, Panama passed Law 67, which
among other actions now requires the declaration of cash or
merchandise valued at $10,000 or over when leaving the country,
consistent with FATF Special Recommendation IX. The
Government of Panama cooperated fully in reviewing terrorist
finance lists.
Regional and International Cooperation: Panama hosted a
September meeting on terrorism legislation sponsored by the UN
Office of Drugs and Crime, and participated actively in meetings
sponsored by the OAS/Inter-American Committee Against
Terrorism and the FATF. In October, Panama attended a regional
demobilization conference in Bogota sponsored by Ameripol, an
association of Latin American police forces. Panama signed the
Beijing Convention on the Suppression of Unlawful Acts Relating
to International Civil Aviation and the Beijing Protocol to the
Convention for the Suppression of Unlawful Seizure of Aircraft
shortly after the conclusion of an International Civil Aviation
Organization diplomatic conference in September.
____________________________________________________
_____
AML News / Updates
July 7, 2011 -
Panama uplifted to OECD White List for implementation of the
agreed tax standard (6 July 2011)
View full list
October 10, 2010 - The Global Forum on Transparency and
Exchange of Information for Tax Purposes has issued a phase
one peer review for Panama
View Review.....
Links:
Worldwide AML Legislation (International Bar Association)
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
As a recognised offshore finance jurisdiction this country may fall
under various country offshore jurisdiction blacklists.
____________________________________________________________
US State Department Money Laundering Report - 2012:
Panama’s strategic geographic location and status as a regional
financial center make it an attractive jurisdiction for money
launderers. Panama’s success in establishing itself as a regional
business and logistics hub, based on the success of its ports,
airport and the Colon Free Zone – the second largest free trade
zone in the world – have enhanced its attractiveness for
organizations engaged in illicit financial activities. Money
laundering in Panama is believed to be primarily related to the
laundering of the proceeds of drug trafficking, and the country sits
along major drug trafficking routes. The work of launderers is
facilitated by weaknesses in the regulatory framework, notably the
existence of bearer share corporations, but more importantly by
uneven enforcement of anti-money laundering measures and the
weak judicial system, which is susceptible to corruption and
favoritism.
After negotiating and signing 13 Double Taxation Treaties with
OECD members, and ratifying the Tax Information Exchange
Agreement with the United States in 2010, Panama achieved
removal from the OECD’s gray list of tax havens in July 2011.
For additional information focusing on terrorist financing, please
refer to the Department of State’s Country Reports on Terrorism,
which can be found here: http://www.state.gov/j/ct/rls/crt/
Do Financial Institutions engage in currency transactions related
to international narcotics trafficking that include significant
amounts of US currency; currency derived from illegal sales in the
U.S.; or that otherwise significantly affect the U.S.: YES
Criminalization of Money Laundering:
“All serious crimes” approach or “list” approach to predicate
crimes: List approach
Legal persons covered: criminally: YES civilly: NO
Know-your-customer (KYC) rules:
Enhanced due diligence procedures for PEPs: Foreign: NO
Domestic: NO
KYC covered entities: Banks, savings cooperatives, savings and
mortgage banks, and money exchanges; investment houses and
brokerage firms; insurance and reinsurance companies;
fiduciaries; casinos; free trade zone companies; finance
companies; real estate brokers; and lawyers
Suspicious Transaction Reporting (STR) Requirements:
Number of STRs received and time frame: 563 in 2010
Number of CTRs received and time frame: 495,546 in 2010
STR covered entities: Banks, cooperatives, and money
exchanges; casinos; fiduciaries; insurance companies;
government entities focused on the lottery: and investment houses
Money Laundering Criminal Prosecutions/Convictions:
Prosecutions: Not available
Convictions: 22 in 2010
Records exchange mechanism:
With U.S.: MLAT: YES Other mechanism: YES
With other governments/jurisdictions: YES
Panama is a member of the Financial Action Task Force on
Money Laundering in South America (GAFISUD), a Financial
Action Task Force (FATF)-style regional body. Its most recent
mutual evaluation can be found here: http://www.cfatf-gafic.
org/downloadables/mer/Panama_3rd_Round_MER_(Final)
_English.pdf
Enforcement and implementation issues and comments:
Panama cooperates well with U.S. law enforcement agencies.
However, the notable successes the Government of Panama
(GOP) has had in interdicting flows of illegal drugs have not been
matched by similar success in addressing money laundering
concerns. The various government agencies tasked with
addressing money laundering remain fractured and under-
resourced, and communicate poorly with one another. Panama’s
financial intelligence unit, the UAF, in particular, lacks the
resources to process and investigate, let alone enforce, reporting
requirements on suspicious transactions. The judicial branch’s
capacity to successfully try and convict money launderers remains
weak, and judges remain susceptible to corruption. Although the
GOP took a step forward with the introduction of know-your-client
legislation requiring lawyers to conduct due diligence into the
beneficial owners of the companies they incorporate, the
continued existence of bearer shares corporations remains a
vulnerability of the anti-money laundering regulatory framework.
Panama, through its Customs Authority, is taking steps to reduce
the use of Tocumen Airport as an artery for cash couriers to move
cash into Panama. More targeted enforcement action, in
collaboration with U.S. law enforcement agencies, has led to
increased scrutiny of passengers and notable seizures of
undeclared cash at the airport.
Customs also has been effective in disrupting trade-based money
laundering through the partnership of the Panamanian and U.S.
trade transparency units (TTU). Established in 2010 by U.S.
Immigration and Customs Enforcement and Panama’s Customs
authority, the Panamanian TTU has had significant success.
Despite these advances, Customs lacks sufficient resources to
fulfill its mandate.
The Colon Free Trade Zone (CFZ) continues to be vulnerable to
abuse by criminal groups through illicit financial activities, due
primarily to insufficient enforcement of existing controls. The new
electronic transaction recording information system, when fully
implemented, will improve capacity to trace transactions. Bulk
cash is relatively easily introduced into the country by declaring it
is for use in the CFZ. A new resolution, published December 14,
2011, improves the AML/CFT framework in the CFZ. The
resolution has 25 articles that supersede and include all the
provisions of law 42 of 2000 and Decree JD-008 of 2008. It will
enter into force 60 days after publication. Among the items
addressed are the requirement to have a compliance officer in
each company; implementation of preventative measures,
supervision, inspection and sanctions; STR and CTR reporting;
and know your customer policies.
During 2011, the GOP took steps to continue to improve the
legislative framework governing anti-money laundering and
financial sector transparency. In 2011, Panama passed legislation
(Law 2 of 2011) requiring lawyers to know their clients, conduct
due diligence on the beneficial ownership of corporations they
establish and share that information with the authorities upon
request. These steps have strengthened Panama’s regulatory
framework. Panama also is drafting new anti-money laundering
legislation, which would strengthen the UAF’s authority and
increase the number of sectors required to report suspicious
transactions.
If the GOP continues its efforts to improve its anti-money
laundering legal framework, particularly eliminating bearer shares,
criminalizing “tipping off,” improving the strength of the prosecutor’
s office and the judicial system, and creating a more transparent
financial network, money laundering will become more difficult
within Panama’s borders.
____________________________________________________
US State Dept Narcotics Report 2012 (introduction):
In 2011, Panama remained a focal point for illicit activity, including
the trafficking of illegal drugs and goods. By virtue of its
geographic location and the presence of the canal, Panama was
and remains a crossroad for illicit trafficking. Drug Trafficking
Organizations (DTOs) – mostly from Mexico and Colombia – and
the Revolutionary Armed Forces of Colombia (FARC) used
Panama’s remote spaces such as the Darién region, its coastline
and littoral zones, and its transportation infrastructure to move
illegal drugs and other contraband. This infrastructure included
four major containerized seaports, the Pan-American Highway,
and Tocumen International Airport, which boasts the most
passenger traffic of any airport in Central America. President
Ricardo Martinelli’s administration continued Panama’s historic
cooperation with the United States on counternarcotics
operations, investigations, and capacity building. The United
States worked closely with the leadership of all Panamanian
security services to build stronger security and justice sector
institutions. Panama is a party to the 1988 UN Drug Convention.
For Full report, click here
____________________________________________________
US State Dept Trafficking in Persons Report 2011
(introduction):
(Tier 2 Watch List)
Panama is a source, transit, and destination country for women
and children subjected to sex trafficking and forced labor.
Although some Panamanian women and girls are subjected to sex
trafficking in other countries in Latin America and in Europe, most
Panamanian trafficking victims are exploited within the country.
Both NGOs and government officials anecdotally reported that the
commercial sexual exploitation of children was greater in rural
areas, the Darien region, and in the city of Colon, than in Panama
City, though NGOs report that some Panamanian children, mostly
young girls, are subjected to domestic servitude. Most foreign
trafficking victims are adult women from Colombia, neighboring
Central American countries, and the Dominican Republic; some
victims migrate voluntarily to Panama to work but are
subsequently forced into prostitution or domestic servitude.
During the reporting period, some Chinese citizens were
smuggled into the country to work in grocery stores and laundries,
apparently in situations of debt bondage. Weak controls along
Panama’s borders make the nation a transit point for irregular
migrants, from Latin America, East Africa, and Asia, some of
whom may fall victim to human trafficking en route to the United
States.
The Government of Panama does not fully comply with the
minimum standards for the elimination of trafficking; however, it is
making significant efforts to do so. During the reporting period
authorities established a commission which drafted
comprehensive anti-trafficking legislation to bring anti-trafficking
laws in line with the 2000 UN TIP Protocol. Authorities identified at
least 43 trafficking victims and prosecuted five sex trafficking
offenders, and in partnership with civil society and foreign
governments, provided training to Panamanian officials. However,
Panama continued to lack prohibitions against forced labor in its
penal code, and authorities did not convict any trafficking
offenders during the year. Specialized victim services, particularly
for adult victims, remained limited, and authorities did not report
using proactive procedures to identify trafficking victims among
detained migrants.
For full report click here
____________________________________________________
US State Dept Terrorism Report 2010
Overview: The most direct counterterrorism challenge facing
Panama is a unit of the Revolutionary Armed Forces of Colombia
(FARC), which used the remote Darien Region as a safe haven.
The safety of the Panama Canal continued to benefit from the
Government of Panama’s solid stewardship and support of the
annual PANAMAX exercise, a multinational security training
exercise tailored to the defense of the canal, perhaps the region’s
most important infrastructure component.
Legislation and Law Enforcement: The Government of Panama’s
determination to exercise its sovereignty in the Darien through
more aggressive patrolling by security forces has increasingly
brought FARC combatants in direct contact with Panamanian
forces. In January, three FARC members were killed and two were
captured during a confrontation with Panamanian border police in
the Darien, and in June two border police were injured by
improvised explosive devices (IEDs), presumably placed by the
FARC. Eight local Panamanians were subsequently arrested for
collaborating with the FARC. In October, the Colombian military
bombed a FARC camp near the Panamanian border, killing one
mid-level commander and several other members. Finally, in
December, Panama brought to trial three presumed members of
the FARC 57th front captured after a February 2008 confrontation
with border police in the Darien; the trial is one of the first held in
Panama specifically on terrorism charges.
The United States and Panama continued to plan for incidents
that could potentially shut down transit through the Panama
Canal. In September, Panama co-hosted the annual PANAMAX
exercise, a multinational security training exercise initiated in 2003
that focuses on the security of the canal. The exercise replicates
real world threats and includes specific exercises designed to
counter terrorist attacks. Several U.S. government agencies
participated in the exercise.
In November, U.S. Department of Homeland Security Secretary
Napolitano signed a memorandum of understanding with Panama
to collect and interpret Advance Passenger Information System
(APIS) data to target potentially dangerous and criminal
passengers on all flights in and out of Panama, complementing
data already being shared between Panama and the United
States.
Panama continued its participation in the Container Security
Initiative at Balboa and Manzanillo, and the Evergreen Colon
Container Terminal. The U.S. Southern Command (SOUTHCOM)
sponsored Combating Terrorism Fellowship Program (CTFP) has
supplemented instructional training and professional development
with Mobile Training Teams and conferences.
Countering Terrorist Finance: The factors that have contributed to
Panama’s growth and financial sophistication– the large number of
offshore banks and shell companies, the presence of the world’s
second-largest free trade zone, the growth in ports and maritime
industries, and the use of the U.S. dollar as the official currency –
also provided the infrastructure for significant money laundering
activity. While Panama has taken extensive measures to counter
money laundering in the banking system, the Colon Free Trade
Zone’s significant revenue turnover and cash-intensive
transactions left the area vulnerable to money laundering and
terrorist financing. In October, Panama passed Law 67, which
among other actions now requires the declaration of cash or
merchandise valued at $10,000 or over when leaving the country,
consistent with FATF Special Recommendation IX. The
Government of Panama cooperated fully in reviewing terrorist
finance lists.
Regional and International Cooperation: Panama hosted a
September meeting on terrorism legislation sponsored by the UN
Office of Drugs and Crime, and participated actively in meetings
sponsored by the OAS/Inter-American Committee Against
Terrorism and the FATF. In October, Panama attended a regional
demobilization conference in Bogota sponsored by Ameripol, an
association of Latin American police forces. Panama signed the
Beijing Convention on the Suppression of Unlawful Acts Relating
to International Civil Aviation and the Beijing Protocol to the
Convention for the Suppression of Unlawful Seizure of Aircraft
shortly after the conclusion of an International Civil Aviation
Organization diplomatic conference in September.
____________________________________________________
_____
AML News / Updates
July 7, 2011 -
Panama uplifted to OECD White List for implementation of the
agreed tax standard (6 July 2011)
View full list
October 10, 2010 - The Global Forum on Transparency and
Exchange of Information for Tax Purposes has issued a phase
one peer review for Panama
View Review.....
Links:
Worldwide AML Legislation (International Bar Association)
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|
| Further Tables |
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*Please note that FATF deems that a country has significant aml deficiencies if
any of the 'Core' Recommendations, R1, R5, R10, R13, SRII, or SRIV are rated
either Partially of Non-Compliant. These are marked in red.
For FATF to remove a country from the regular follow-up process, it has to be rated
Compliant or Largely Compliant in the above mentioned Core Recommendations
and the following Key Recommendations: -
R3, R4, R23, R26, R35, R36, R40, SRI, SRIII, SRV
Please also note that any risk assessment should take into consideration all
follow-up reports.
any of the 'Core' Recommendations, R1, R5, R10, R13, SRII, or SRIV are rated
either Partially of Non-Compliant. These are marked in red.
For FATF to remove a country from the regular follow-up process, it has to be rated
Compliant or Largely Compliant in the above mentioned Core Recommendations
and the following Key Recommendations: -
R3, R4, R23, R26, R35, R36, R40, SRI, SRIII, SRV
Please also note that any risk assessment should take into consideration all
follow-up reports.
| PANAMA |
| KnowYourCountry |
|
|
| Last Updated: 16 April 2012 |