The government of Panama announced on Friday that the country has been removed from the gray list of the Financial Action Task Force (FATF). This list includes countries that are considered to be insufficient in their efforts to combat money laundering.
Panama had previously been on the FATF gray list from 2014 to 2016, and was added back on in 2019.
The Deputy Financial Minister of Panama, Jorge Almengor, stated in an interview with Reuters in June that he expected Panama to be removed from the list this month. He explained that the authorities had taken steps to address the concerns of the watchdog organization and enhance financial transparency in the country.
Almengor emphasized the urgency of the situation, as being removed from the list would allow Panama to regain its status as a major financial center.
Panama’s President, Laurentino Cortizo, expressed his joy about the decision on the social media platform X (formerly known as Twitter).
According to reports, Panama’s inclusion in the FATF gray list can affect the country’s investment ratings and reputation.
The removal from the gray list signifies that Panama has made significant progress in combating financial crimes such as money laundering.
The Financial Action Task Force is an international organization that sets standards and promotes policies to combat money laundering and terrorist financing.
Additional monetary and financial regulatory measures will likely be implemented in Panama to maintain its status as a transparent and reliable financial center.
The news about Panama’s removal from the FATF gray list was reported by Elida Moreno and written by Valentine Hilaire, with editing by Sarah Morland.
