European Union Removes Panama from High-Risk List

The European Union’s decision to remove Panama from its list of high-risk countries regarding anti-money laundering and counter-terrorist financing efforts is a significant achievement for the country. This achievement results from the hard work and dedication of many individuals, including those in Panama’s National Coordination for Anti-Money Laundering and Counter-Terrorist Financing, led by the Ministry of Economy and Finance, the private sector, and the international community.

As the Financial Action Task Force outlined, Panama has made significant progress in strengthening its legal and regulatory framework. This progress has been recognized by the European Union and the FATF, which removed Panama from its grey list on October 27, 2023. This means that Panama is no longer subject to heightened monitoring regarding money laundering and terrorist financing.

Panama’s commitment to the Financial Action Task Force of Latin America (GAFILAT) is unwavering. The country aims to continue strengthening its regime to stay at the forefront of these issues. This commitment is essential, as money laundering and terrorist financing pose severe threats to global security and stability.

Removing Panama from the European Union’s list of high-risk countries is an essential milestone in Panama’s journey toward international transparency. It sends a clear signal to the international community that Panama is serious about combating money laundering and terrorist financing and is committed to working collaboratively to address these issues.

Moving forward, Panama will continue to work closely with its partners in the private sector and the international community to strengthen its anti-money laundering and counter-terrorist financing efforts. By doing so, Panama will protect its national security and contribute to a safer and more stable global financial system.

Experts in the field have widely praised Panama’s efforts to implement effective measures, which have helped establish the country as a model for other nations. The government has made significant strides in enhancing its regulatory framework and bolstering its financial infrastructure, which has led to increased confidence in the country’s financial system and attracted greater investment.

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