{"id":8481,"date":"2013-09-03T11:18:23","date_gmt":"2013-09-03T16:18:23","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=8481"},"modified":"2013-09-03T11:18:23","modified_gmt":"2013-09-03T16:18:23","slug":"money-laundering-controls-at-livestock-auctions","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/money-laundering-controls-at-livestock-auctions\/","title":{"rendered":"Money Laundering Controls at Livestock Auctions"},"content":{"rendered":"<p><a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2013\/09\/cattle-auction.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8482\" title=\"Countryside Cattle Auction Between Chitre And Las Tablas Panama\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2013\/09\/cattle-auction.jpg\" alt=\"\" width=\"600\" height=\"362\" srcset=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2013\/09\/cattle-auction.jpg 600w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2013\/09\/cattle-auction-300x181.jpg 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>I have been to several cattle auctions here in Chiriqui and it is quite a sight.\u00a0 The process is very organized and there is a lot of cash moving around so I can see the concern.\u00a0 Still, it is kind of hard to travel around with a herd of cattle and harder to hide them.\u00a0 A lot easier to run away with a Porsche Cayenne.<\/p>\n<p>The bill to prevent money laundering in Panama includes controls on livestock auctions and car sales.<\/p>\n<p class=\"description\">The finishing touches are being made to the bill at the moment. The initiative will be presented in the next few months to the <span class=\"hlink\">Panama<\/span>nian Congress.<\/p>\n<p>The proposal is for auto sales and <span class=\"hlink\">livestock auctions<\/span> to be regulated under this bill in order to prevent them from being  used for other purposes. These two sectors handle cash, making them  activities at risk of being used in illegal ways.<\/p>\n<p>&#8220;Other sectors such as <span class=\"hlink\">finance<\/span> companies, pawnshops, money remittances, financial leasing companies  and credit reporting agencies, also form part of the entities that must  comply with the standard,&#8221; noted an article in Panamaamerica.com.pa.<\/p>\n<p>According to <span class=\"hlink\">Elsa Nelly Carrillo de Barr\u00eda<\/span>,  CEO of Empresas Financieras, the institution &#8220;vigorously exercises its  duties on all companies making suspicious transactions which threaten  the economic order and go against the laws preventing <span class=\"hlink\">money laundering<\/span>.&#8221;<\/p>\n<p>Meanwhile, Patricia Avila, an analyst at the Department of Financial  Analysis at the Financial Analysis Unit (UAF), said implementing the  policy of &#8220;know your customer&#8221; is critical in preventing these  activities being used irregularly.<\/p>\n<p class=\"link_source\">Source: Panamaamerica.com.pa<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I have been to several cattle auctions here in Chiriqui and it is quite a sight.\u00a0 The process<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8481","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Money Laundering Controls at Livestock Auctions - Blog and Newsletter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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