At least one local media outlet has reported in recent days that Panama is stepping up its efforts to find a way out from being on the list of jurisdictions that do not meet requirements of the Financial Action Task Force when it comes to anti-money laundering and combating the financing of terrorism (AML/CFT).
Newsroom Panama cites vice minster of Finance, Jorge Luis Almengor suggesting that a new session with the FATF in September will see evidence presented in support of getting Panama off the list.
The FATF Special plenary takes place 12-15 September, according to the organisation's online calendar.
Reportedly, some 11 of the 15 points of the FATF action plan have been fulfilled according to Almengor.
Panama may yet face hurdles before it is removed from the list however. In June this year, the FATF stated in its latest assessment that: "The FATF again expresses significant concern that Panama failed to complete its action plan, which fully expired in January 2021."
"The FATF strongly urges Panama to swiftly complete its action plan by October 2022 or the FATF will consider calling on its members and urging all jurisdictions to apply enhanced due diligence to business relations and transactions with Panama."
the FATF defines its ongoing work as identifying jurisdictions that have "strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing."
