{"id":8842,"date":"2013-10-29T10:39:57","date_gmt":"2013-10-29T15:39:57","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=8842"},"modified":"2013-10-29T10:39:57","modified_gmt":"2013-10-29T15:39:57","slug":"panama-banking-legislation-heading-for-update","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-banking-legislation-heading-for-update\/","title":{"rendered":"Panama banking legislation heading for update"},"content":{"rendered":"<p><a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2013\/10\/money_laundering.jpeg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8843\" title=\"money_laundering\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2013\/10\/money_laundering.jpeg\" alt=\"\" width=\"659\" height=\"447\" srcset=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2013\/10\/money_laundering.jpeg 841w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2013\/10\/money_laundering-300x203.jpg 300w\" sizes=\"auto, (max-width: 659px) 100vw, 659px\" \/><\/a><\/p>\n<p><span style=\"line-height: 1.5;\">BANKING legislation in Panama is outdated and needs to be updated says the Superintendency of Banks.<\/span><\/p>\n<p><span style=\"line-height: 1.5;\">There is a <span style=\"color: #000000;\">push to adopt new legislation on money laundering and terrorist financing, encompassing the recommendations of <\/span><\/span><span style=\"color: #000000;\"><span style=\"background-color: #ffffff; line-height: 1.5;\">the Financial<\/span><span style=\"line-height: 1.5;\"> Action Task Force (<\/span><span style=\"background-color: #ffffff; line-height: 1.5;\">GAFI<\/span><span style=\"line-height: 1.5;\">) reports Capital.com.pa<\/span><\/span><\/p>\n<p><span style=\"color: #000000;\"> <\/span><\/p>\n<p><span style=\"color: #000000;\"> &#8220;The new legislation not only implies a change in Law 42, but also  changes to the Criminal Code,&#8221; said Marisol Sierra, director of  Prevention and Control of Illicit Operations at the Superintendency of  Banks of Panama .<\/span><\/p>\n<p><span style=\"color: #000000;\"> <\/span><\/p>\n<p><span style=\"color: #000000;\"> 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.<\/span><\/p>\n<p><span style=\"color: #000000;\"> <\/span><\/p>\n<p><span style=\"color: #000000;\"> &#8220;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&#8217;s standards, &#8221; said  Sierra.<\/span><\/p>\n<p><span style=\"color: #000000;\"> According to the official, the country is is behind in terms of international standards, as it does not meet the 40 <span>FATF<\/span> recommendations implemented in 2012.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BANKING legislation in Panama is outdated and needs to be updated says the Superintendency of Banks. There is<\/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-8842","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>Panama banking legislation heading for update  - 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\" href=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-banking-legislation-heading-for-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Panama banking legislation heading for update\" \/>\n<meta property=\"og:description\" content=\"BANKING legislation in Panama is outdated and needs to be updated says the Superintendency of Banks. 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