Panama has achieved a significant milestone by exiting the Financial Action Task Force (FATF) grey list of financially high-risk countries. The decision follows a rigorous process initiated in June 2019 to combat money laundering and financing of terrorism. The FATF plenary meeting in Paris recognized Panama’s strengthened anti-money laundering and counter-terrorism financing prevention system and its implementation of substantial standards.
This decision was widely supported by various countries, international organisations and the Latin American Financial Action Group (GAFILAT). The removal from the grey list is expected to enhance Panama’s international image, increase foreign investment, create job opportunities, provide more accessible lines of credit, improve correspondent banking relationships and reduce pressure on its financial system. It represents a crucial milestone in Panama’s economic development, showcasing its commitment to financial transparency and cooperation.
Want to know more about doing business in Panama? Ready to set up your company in Panama and don’t know how and where to start? Drop us an email (office@bensonformations.com) or give us a call (+44 20 3974 1244) for expert advice in navigating Panama’s enhanced economic and financial landscape.
