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Home » Panama Real Estate News, Events and Analysis Blog from Casa Solution » Panama Triumphs: No Longer on FATF’s Gray List, Paving the Way for International Investments

Panama Triumphs: No Longer on FATF’s Gray List, Paving the Way for International Investments

In a major financial triumph for Panama, the country has successfully exited the FATF’s gray list (Financial Action Task Force).  FATF is the global money laundering and terrorist financing watchdog.  Panama’s removal from a roster reserved for countries falling short in combating money laundering is an enormous achievement.

Panama has been working very diligently toward this accomplishment for many years.   It required tremendous improvements in transparency that will greatly help Panama attract international investment.

While Panama has been seeing excellent international investments in recent years, this accomplishment of being removed from the Gray list greatly brightens Panama’s prospects for the future.

Panama already is one of the fastest growing economies in the Western Hemisphere with impressive annual GDP growth (gross domestic product) pre- and post-pandemic.  Panama already has one of the highest GDP per capita rates in Latin America as well as an economy that utilizes and is based on the U.S. dollar.  The Panama Canal provides an excellent source of steady revenues that augment the country’s robust banking, logistics and tourism industries.   The removal from the Gray list will certainly provide a surge of even greater wind to Panama’s strong economic sails.

Panama says exits financial crime watchdog FATF's gray list

Panama exits financial crime watchdog FATF’s gray list

By Elida Moreno and Valentine Hilaire, October 27, 20231:47 PM EST

Excerpts:

“Panamanian Economy and Finance Minister Hector Alexander told Reuters on Friday that systemic changes made by the government in the financial sector are solid enough for the country not to rejoin the list in the future.”

“Exiting the list will unlock international investments to the country, especially from Europe, Alexander added….

Panamanian Economy and Finance Minister Hector Alexander told Reuters on Friday that systemic changes made by the government in the financial sector are solid enough for the country not to rejoin the list in the future.

“Panama is a small country, and as a small country we have to grow outwards,” Alexander said.”

Read full article: https://www.reuters.com/world/americas/panama-says-exits-financial-crime-watchdog-fatfs-gray-list-2023-10-27/