The European Commission removed Panama from the EU’s high-risk list, which identifies countries failing to combat money laundering and terrorism financing.
This decision brought hope to Panama, showing progress in addressing past issues.
The Ministry of Economy and Finance in Panama (MEF), business leaders, and experts welcomed this change, which they saw as a big step.
The European Commission investigated Panama’s situation after it left the Financial Action Task Force’s (FATF) grey list and found that Panama had fixed its major problems.
Panama got off the FATF grey list on October 27 last year. This event in Paris made Panama’s government, led by President Laurentino Cortizo, very happy. They felt it improved Panama’s global image.
Isabel Vecchio from the MEF stressed the importance of a new list that tracks companies’ real owners.
This was key to getting Panama off the EU’s list. She also praised Panama for updating rules for banks and other businesses.
Now that Panama is not on the list, Vecchio explained, moving money through banks will be easier. She believes this will help bring more investment to Panama.
Temístocles Rosas, who leads the National Council of Private Enterprise (Conep), thinks this change will boost trade with EU countries.
This move is good for Panama’s place in the world market.
This removal from the high-risk list opens doors for Panama. It shows how efforts to meet international standards can lead to better opportunities.
Yet, Panama must keep working hard to maintain this new status and build on this success.