This visit serves to personally check the implementation and sustainability of the implemented reforms and measures.
From estrategiaynegocios.net
Panama President Laurentino Cortizo announced that the International Financial Action Task Force (FATF) officials had agreed to an on-site visit to the country.
During this visit, Panama will be able to show the progress it has made in implementing the FATF recommendations and how it will maintain its action plan over time.
Four months ago, at the last FATF plenary session, Panama received an upgrade of its action plan, the Ministry of Economy and Finance reported in February.
Given this scenario, the country made progress towards long-achieved goals with 13 of the 15 measures set out by the FATF in June 2019.
The President clarified that this approval was obtained after 15 measures of his action plan were “long since accomplished”.
The aim of this visit is to personally verify the implementation and sustainability of the reforms and measures implemented on the ground and to reaffirm that political commitment is maintained. FATF officials urged Panama to swiftly complete its action plan by June 2023.
“Panama is prepared for the on-site visit of the Joint Group of the Americas and we want the entire international community to witness our tangible and concrete results and their sustainability,” Minister of Economy and Finance Héctor Alexander said at his meeting with the FATF representatives.
According to MEF, Panama will “demonstrate the developed institutional strengthening and will also allow to demonstrate the national commitment in relation to the prevention of money laundering, terrorist financing and financing of proliferation of weapons of mass destruction.”
With information from La Estrella de Panama