Panama updates anti-money laundering controls and reports completion of 15 FATF actions
Panama’s Economy and Finance Minister Héctor Alexander outlined anti-money laundering measures at the XXVII Hemispheric Congress, according to the ministry. He said the country had updated risk assessments and prevention rules, and completed all 15 actions in its FATF action plan. Law 254 of 2021 raised potential penalties for non-compliance to B/. 5.0 million.
The changes affect compliance obligations and potential penalties for regulated financial and non-financial entities in Panama.