A proposal has been made in Panama to make public all sanctions to be imposed on entities that violate the law on prevention of money laundering.

The proposal put forward by the National Committee Against Money Laundering, and Financing of Terrorism and the Proliferation of Weapons of Mass Destruction (CNBC), created in 2015 within the framework of the new law on prevention of money laundering, aims to “… ‘make the financial system more transparent, so that the public is aware of the work that is being done to prevent crime, that there is a moral punishment and that all citizens know who is breaking the rules,‘“ said Minister De La Guardia.

The Superintendency of the Securities Market has now published the sanctions to be imposed. The aim of the proposal is for the Superintendency of Banks of Panama, the Superintendency of Insurance and Reinsurance, the Administration of Supervision and Regulation of Non-Financial Subjects and the Panamanian Autonomous Cooperative Institute to do the same.

Prensa.com reports that “…Asked about the special inspections to be followed by the Superintendency of Banks for cases related to corruption, De La Guardia said when cases involve money laundering they should be made public. Increasing it to other sanctions, depends on the board of each regulator.”

Source: Prensa.com