Panama : Report on Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

This paper discusses key findings of the Report on the Observance of Standards and Codes on the Financial Action Task Force (FATF) Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Panama. The AML Law in Panama covers most of the core financial sectors but does not fully apply to the insurance sector and does not extend to a number of other financial activities as required under the FATF standard. Of the designated non-financial businesses and professions, only trustees are fully covered under the AML Law, while casinos and real estate brokers are only subject to currency transaction reporting obligations.