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

Publication Date: February 18, 2014
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Summary: EXECUTIVE SUMMARY Panama is vulnerable to money laundering (ML) from a number of sources including drug trafficking and other predicate crimes committed abroad such as fraud, financial and tax crimes. It is a country with an open, dollarized economy and, as a regional and international financial and corporate services center, offers a wide range of offshore financial and corporate services. It is also a transit point for drug trafficking from South American countries with some of the highest levels of production and trafficking of illegal drugs in the world. These factors put the country at high risk of being used for ML. Although the authorities have not conducted a risk assessment, they attribute the largest sources of ML to drug trafficking and other predicate crimes committed abroad. No information or estimates were provided on the extent of domestic and foreign predicate crimes and the amount of related ML in Panama. No terrorism financing (TF) cases have been detected so far.
Series: Country Report No. 14/54
Subject(s): Anti-money laundering | Financial institutions | Nonbank financial sector | Private sector | Freeze on financial assets | Combating the financing of terrorism | International cooperation | Reports on the Observance of Standards and Codes | Panama

Publication Date: February 18, 2014
ISBN/ISSN: 9781475559743/1934-7685 Format: Paper
Stock No: 1PANEA2014001 Pages: 348
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