Article previously published by InsightCrime and available here.
A recent report based on the results of an investigation
conducted by the Latin America Financial Action Task Force (GAFILAT) in Panama
in May 2017, during which investigators evaluated the current status of money
laundering and terrorist financing in the country, concludes that Panama is
more vulnerable to foreign illicit revenue streams than domestic ones.
also found that drug trafficking, contraband and other illicit activities
related to organized crime provide key sources of illicit revenue entering the
country’s financial system.
In general, the report characterized the anti-money
laundering efforts by Panamanian authorities as good. But the task force also
highlighted that various deficiencies remain, particularly in preventing and
investigating money laundering, as well as in financial intelligence gathering.
With regards to prevention and investigation, the
biggest challenge that authorities face