Reply To:
Name - Reply Comment
Last Updated : 2024-04-25 09:32:00
AFP - Panama has been taken off an international “gray list” of countries whose lax financial laws are seen as making money-laundering easier, its president, Juan Carlos Varela, said Thursday.
“I am pleased to announce that Panama has come off the FATF gray list thanks to the new era of transparency we are living,” Varela said on his Twitter account.
The FATF is the Financial Action Task Force on Money Laundering, a 32-nation body created nearly three decades ago to combat international money-laundering. Its remit was later expanded to also fight the financing of terrorist groups.
Panama, a thriving banking hub with simplified laws that actively encourage investment, has already enacted laws to counter perceptions that it was a tax haven.
However its was still listed by the FATF as having deficiencies in fighting money-laundering.
But a FATF meeting in Paris this week agreed to remove the country from its gray list after determining it now met the group’s standards on information sharing, tax compliance and reporting suspicious transactions, a statement from the Panamanian finance ministry said.
Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
Reply To:
Name - Reply Comment
US authorities are currently reviewing the manifest of every cargo aboard MV
On March 26, a couple arriving from Thailand was arrested with 88 live animal
According to villagers from Naula-Moragolla out of 105 families 80 can afford
Is the situation in Sri Lanka so grim that locals harbour hope that they coul