A light at the end of the tunnel of a poor international reputation: the possible exit from the FATF gray list

PANAMA - In Brief 23 Jun 2023 by Marco Fernandez
The Ministry of Economy and Finance announced today that the FATF-GAFI has approved an on-site visit to showcase the country's progress in implementing FATF recommendations. The country has achieved a "largely compliant" rating in all actions of the agreed plan with the FATF to address deficiencies in the anti-money laundering regime, according to the MEF. If the FATF verifies the strengthened anti-money laundering regime during the visit, formal removal from the "gray list" could be completed in October. This is good news for the country. Although the markets had already anticipated an agreement for this year, the conclusion of the negotiations is satisfying. The country's international image is important, not only in financial matters but in other issues, as well. A bad reputation is difficult to eliminate, and it involves both institutions and individuals. We still suffer from the discredit of the so-called “Panama Papers”. After a decade of the government's promising changes in the relevant anti-money laundering legislation, its failure led us to this fateful list in June 2019. This task seems resolved for the moment, but we must avoid disregarding the commitments made and sustain and improve the reforms that have been implemented. Money laundering in all its forms must be punished to prevent its interference in the country's institutional framework. If we promise international organizations a financial or other type of strategy, not fulfilling it has costs not only for the government but for all citizens. That is the lesson of this process.

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