Panama Returns to Financial Watchdog Grey List

• Panama is back on the grey list of the Financial Action Task Force (FATF) which identifies countries with deficiencies to prevent money laundering and terrorist financing.
• The decision came during the FATF plenary meeting, which is being held this week in Orlando, United States.
• The Minister of Economy and Finance, Eyda Varela de Chinchilla, who had earlier reported that FATF was positive in regards to Panama said that although the FATF recognizes the progress made by Panama and its political commitment at the highest level, during the plenary this week, it was approved that Panama be included in the non-compliance document and under FATF monitoring. 
• The organization analyzed the compliance of the 40 technical recommendations and 11 of effectiveness.
• The inclusion of Panama in the grey list implies, for example, that the correspondent banks of the United States will be obliged to reinforce the control measures over transactions related to Panama.

 (Source: Newsroom Panama)