Incoming govt pledges to get Panama off ‘grey list’

Panama’s incoming government is signaling a redoubled commitment to the nation’s anti-money laundering and terror finance (AML/TF) efforts.

The administration of President-elect Laurentino Cortizo will take office on July 1 amid embarrassment that Panama has been once again been placed on the grey list of tax havens that is kept by The Financial Action Task Force (FATF).

The Paris-based FATF announced the return of Panama to its list of tax jurisdictions subject to monitoring on June 21.

The list identifies jurisdictions deemed to lack sufficient anti-money laundering and counter-terrorist financing (AML/CTF) rules.

Long before winning the elections in May, Cortizo promised to restore the country’s international image, which was greatly tarnished by the 2016 release of the so-called Panama Papers, the massive filtration of documents from Panamanian law firm Mossack Fonseca that revealed how many of the world’s rich and powerful managed

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