Panama: Detailed Assessment Report—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

February 18, 2014

Preview Citation

Format: Chicago

Panama: Detailed Assessment Report—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism, (USA: International Monetary Fund, 2014) accessed November 23, 2024

Summary

This report evaluates the level of implementation of Financial Action Task Force (FATF) Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) in Panama. The findings reveal that Panama is vulnerable to money laundering from a number of sources, including drug trafficking and other predicate crimes committed abroad, such as fraud and financial and tax crimes. The AML Law covers most of the core financial sectors but does not fully apply to the insurance sector and does not extend to a number of other financial activities as required under the FATF standard. Competent authorities, including law enforcement and the Financial Intelligence Unit, do not have timely access to information on legal persons and arrangements as required under the FATF standard.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Crime, Financial institutions, Insurance companies, Legal support in revenue administration, Money laundering, Revenue administration, Terrorism financing

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Business firm, Central America, CFT regime, CFT supervision, Compliance officer, CR, Due diligence, Executive director, Global, Insurance companies, ISCR, Legal support in revenue administration, Money laundering, Savings and loan, Savings bank, South America, Terrorism financing, The AML

Publication Details

Pages:

348
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2014/054
Stock No:

1PANEA2014001
ISBN:

9781475559743
ISSN:

1934-7685

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