Panama Exits Financial Crime Watchdog FATF's Grey List

• Panama has been removed from the grey list of financial crime watchdog FATF (The Global Financial Action Task Force). This register includes countries deemed to be doing too little to combat money laundering.
• Panama's first stint on the FATF's so-called grey list, which can impact a country's investment ratings and reputation, was from 2014 to 2016. It was readded in 2019.
• Panama's Deputy Financial Minister Jorge Almengor had told Reuters in June he expected Panama to be excluded from the list this month; after authorities had addressed the requests to boost financial transparency.
• Furthermore, the systematic changes made by the government in the financial sector are solid enough for the country not to rejoin the list in the future, noted the Economy and Finance Minister.
• Almengor had said this was an urgent issue so Panama could reclaim its place as a financial hub. Panama's President Laurentino Cortizo celebrated the decision on social media platform X, formerly Twitter.

(Sources: Reuters & Swiss Info)