Removal from the FATF group list is crucial for Panama

Exit from Financial Action Task Force (FATF) list. This is crucial for Panama, a country in dire need of foreign investment.

The director and technical secretary of the National Coordinator, Isabel Vecchio Arófuloensures that the country maintains a certain level of investment and strives to ensure that the investments coming into the country are positive and enable sustainable economic growth.

In his report to the Nation, the President of the Republic, Laurentino Cortizo, announced that as a result of compliance with the 15 actions of his plan, the FATF group approved “in situ” for the country for the month of September.

The visit is scheduled for the first two weeks of September, and later in October the delisting will be announced at the FATF plenary.

“Panama is ready to receive a field visit from the Joint Group of the Americas, and we want the entire international community to witness our tangible and concrete results, as well as their sustainability,” said the chief Economics and Finance, Hector Alexander last June in his interventions before FATF International Cooperation Review Working Group (ICRG) and before the plenary meeting of the International Financial Action Task Force (FATF), in Paris, France.

With this visit, FATF tries to check whether all the actions we have taken and what has been implemented work and whether they are sustainable over time to solve the issue of international transparency, explains the director and technical secretary of the national coordinator.

On behalf of the FATF, people who are part of the Americas group will come to Panama, who are technicians who revise international standards and who have been verifying the evaluation process all this time while Panama was included in the list.

It will check the sustainability of the implementation of all actions, such as the register of end users and whether competent authorities have timely access.

They will also check the facilities of the Supervisory Board of Non-Financial Entities and other entities such as the Financial Analysis Unit (UAF)”.

After the evaluation, they submit a report to the FATF review group as a technical team in which they recommend delisting the country because they have been able to verify the viability and implementation of the requested actions.

Outside the FATF
Vecchio Arófulo clarified that in addition to the FATF list, there are two additional lists that belong European Union, the one that has a direct connection with that of the FATF and that deals with money laundering, and to get off this list you need to be the first off it. international list of the Financial Action Task Force (FATF).

In the same way, there is another list related to data on tax evasion and which concerns the criteria of end users, and the state is already working on that list because there has been a great refinement about the end users of joint revenues. joint stock companies.

For the exchange of data on tax evasion, the competent authority is the General Administration of Revenue (DGI), because it is the competent authority that could provide the requested information under the associated confidentiality.