Panama: Assessment of Financial Sector Supervision and Regulation, including Reports on the Observance of Standards and Codes on the following topics: Banking Supervision, Insurance Supervision, and Securities Regulation
IMF Staff Country Reports, February 15, 2007
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- Panama: Assessment of Financial Sector Supervision and Regulation, including Reports on the Observance of Standards and Codes on the following topics: Banking Supervision, Insurance Supervision, and Securities Regulation
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Bibliographic details
- Published: February 15, 2007
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451830897.002
Executive summary and main findings
- The paper discusses key findings of the Assessment of Financial Sector Supervision and Regulation for Panama.
- The assessment of bank supervision showed a high degree of compliance with the Basel Core Principles (BCP), reflecting generally satisfactory implementation combined with an adequate legal and regulatory foundation.
- The supervisory and regulatory frameworks for capital markets and insurance sectors are underdeveloped.
- The securities law and regulations are generally effective; however:
- Resources for securities markets oversight are insufficient.
- Independence is affected by unfilled positions, including a commissioner’s post.
Scope, subjects, and keywords
- Subject areas: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Commercial banks, Crime, Financial institutions, Financial regulation and supervision, Insurance, Securities.
- Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), asset forfeiture, bank, bank secrecy law, banking system assets, Central America, CFT obligation, CNV staff, Comision Nacional de Valores, Commercial banks, CR, firm, Insurance, ISCR, license bank, Panamanian-headquartered bank, return on assets, securities, well-developed banking system.