IMF Staff Country Reports

Panama: Financial Sector Assessment Program - Technical Note on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)

July 19, 2024

Download PDF More Formats on IMF eLibrary Order a Print Copy
More formats on IMF eLibrary Order a Print Copy

Preview Citation

Format: Chicago

International Monetary Fund. Monetary and Capital Markets Department "Panama: Financial Sector Assessment Program - Technical Note on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)", IMF Staff Country Reports 2024, 234 (2024), accessed November 24, 2024, https://doi.org/10.5089/9798400284762.002

Export Citation

  • ProCite
  • RefWorks
  • Reference Manager
  • BibTex
  • Zotero
  • EndNote

Summary

This paper explains a technical note on Anti-Money Laundering and Combating the Financing of Terrorism in Panama. Enhancing transparency of legal persons and arrangements established in Panama has been a top priority for the country and remains the subject of ongoing reforms. The continuous and large-scale outreach efforts to promote registration in the Registro Único de Beneficiarios Finales (RUBF) are commendable and need to be sustained. The continuous and large-scale outreach efforts to promote registration in the RUBF are commendable and need to be sustained. As a result of concerted efforts to ‘clean up’ the public registry, Panama currently has a large number of suspended legal persons—close to half a million—that require a path to dissolution. In the medium term, the evolving corporate landscape in Panama should be monitored closely, and risk assessments should be updated to reflect emerging business models and potential exposures to new threats and vulnerabilities. The authorities should enact legislation addressing virtual assets and virtual asset service providers that complies with Financial Action Task Force Recommendation 15 and international best practices.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Business enterprises, Crime, Economic sectors, Financial Sector Assessment Program, Financial sector policy and analysis, Fintech, Money laundering, Technology

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Business enterprises, Caribbean, Due diligence, Financial Sector Assessment Program, Fintech, Global, Money laundering, Resident agent, Staff in the context, Staff team of the International Monetary Fund, WB staff

Publication Details

You May Also Be Interested In...

Sierra Leone: Poverty Reduction and Growth Strategy

November 22, 2024

Sierra Leone: 2024 Article IV Consultation and Request for a 38-Month Arrangement Under the Extended Credit Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Sierra Leone

November 22, 2024

Implementing Risk-Based Solvency for Insurers—Lessons from Kenya, Mexico, and South Africa

November 22, 2024

Global Contagion of Financial Reforms

November 22, 2024