A team of US experts completed a three-day visit to Panama this week to discuss the implementation of the country's new anti-money laundering measures with Panamanian officials.
US State Department spokesman, Richard Boucher, said that the talks were "technical" and their purpose was to 'better understand Panama's recent anti-money laundering reforms and offer advice on implementing these reforms.'
Mr Boucher pointed out that the US team's visit to Panama bore no connection with the work of the Financial Action Task Force (FATF), which blacklisted the jurisdiction last year as a money laundering hotspot (although has since recognised its efforts to improve its anti-money laundering controls). The main concern of the US is that Panama's new laws are implemented properly and comprehensively.
Mr Boucher stated:
'Panama's new anti-money laundering measures are encouraging progress
toward meeting international norms of cooperation against money
laundering, but as with all such measures, comprehensive and effective
implementation is key to their success. This interagency team,
which includes representatives from the US Departments of Treasury
and Justice and the Federal Deposit Insurance Corporation, can
provide
Panama with expert counsel on implementation.'
Panama has amended its anti-money laundering laws as a direct response to specific complaints cited by the FATF and the Panamanian government acknowledges the FATF's recognition that its money laundering laws have been expanded, but remains up in arms at the organisation's decision to keep Panama on the blacklist while it sees how the changes actually work, saying that it amounts to the unfair addition of an extra condition that wasn't part of the original demands for change. Perhaps the US visit to Panama this week, if successful, will smooth the way for the removal of Panama once and for all from the contentious FATF blacklist.
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