BANKING legislation in Panama is outdated and needs to be updated says the Superintendency of Banks.

There is a push to adopt new legislation on money laundering and terrorist financing, encompassing the recommendations of the Financial Action Task Force (GAFI) reports Capital.com.pa

“The new legislation not only implies a change in Law 42, but also changes to the Criminal Code,” said Marisol Sierra, director of Prevention and Control of Illicit Operations at the Superintendency of Banks of Panama .

Among the proposed changes is the obligation of self-assessment by banks and the regulator, the establishment of a national strategy for managing risk, including for the crime of terrorism, among other things.

“Our country needs to change, our regulation is very old, dating back to 2000, and international standards have changed. Panama, having an international financial center, needs to meet today’s standards, ” said Sierra.

According to the official, the country is is behind in terms of international standards, as it does not meet the 40 FATF recommendations implemented in 2012.