According to the Superintendency of Banks, removing the country from the list will be more complex than expected, as not all sectors see it as a priority issue for the economy.

Panama needs to improve legislation and controls in the financial system in order to achieve compliance with the recommendations made by the Financial Action Task Force (FATF).

“… In assessing compliance with FATF’s 49 recommendations, made in October 2012, Panama has failed to meet 19 of them, completely complied with 3, and partially complied with 26.”

Alberto Diamond, chief of the Superintendent, said in Capital.com.pa that “… ‘the gray list affects the perception of our reputation, constituting a threat to the competitiveness of the banking and financial center.” According to the regulator, a major financial center never appears on discriminatory lists and currently ‘we are identified as a country at high risk of money laundering.’ ”

Editors note:  Here we go again, more talk and what happens……?