The authorities in Panama Wednesday unveiled a $1.2 billion, two year program designed to put a stop to international money laundering activities through the country's banking sector.
According to the country's Banking Superintendency, new measures taken in by the action plan include more effective monitoring and reporting of suspect transactions, greater information exchange with the US Federal Bureau of Investigation, tougher prison sentences for money launderers and terrorist financiers, and the establishment of a regional committee to improve regulation of Panama's banking sector.
The country's free trade zone, casinos, and gaming halls will also be subject to increased scrutiny as a result of the program.
'We aim to find out just how much money is laundered via Panama today and put an end to it,' Panama's Banking Superintendent, Delia Cardenas, explained. The jurisdiction was removed from the FATF blacklist of non-cooperative countries and territories in June of last year, and has won praise for its swift response to US requests for information immediately following the September 11 terrorist attacks.
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