The Panamanian legislature passed stiff regulations against money laundering last week, constituting a major step in the country’s efforts to improve its image with international monetary authorities.
Panama is working to get itself off the Financial Action Task Force’s (FATF) “grey list” of countries with deficiencies in anti-money laundering standards. The new law was drafted as part of the country’s commitment to FATF to address legal deficiencies.
The law creates two new institutions: a commission against money laundering, terrorism funding, and the proliferation of weapons of mass destruction; and a financial analysis unit that will collect and analyze reports of suspicious operations.
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