A FATF delegation began a multi-day visit to Panama since Monday, September 04, 2023. Their mission is to confirm that the country has actually respected the 15 points of its action plan. Positive results are expected by the end of this month or October.

This week, it is up to the Gafi delegation to decide if Panama complies and deserves to be removed from the gray list once and for all. In fact, MEF Minister Hector Alexander indicated at the 27th Hemispheric Congress for the Prevention of Money Laundering, the Financing of Terrorism and the Proliferation of Weapons of Destruction, held last month, that the fifth chapter of the national risk assessment had been amended and that new measures had been taken to establish new sanctions, including a prison sentence of five to eight years for those who were who carry out commercial money transfers without the permits granted by the competent authorities.

Getting off the gray list means that Panama will attract more foreign investment, as outside investors will feel less pressure to put their money into the country. This will help the private sector as well as the public sector.