This development is expected as a result of Panama's remarkable progress in combating money laundering and terrorist financing, as acknowledged by the FATF.
The FATF, the international body responsible for setting standards and promoting effective implementation of measures to combat financial crimes, still needs to conduct an on-site evaluation in #Panama to verify the country's achievements in this regard. This assessment aims to ensure that Panama's efforts are sustained over time and that there is a strong commitment to continue fighting financial crimes.
Being removed from the FATF grey list holds immense benefits for Panama and businesses operating within its borders. It signifies international recognition of Panama's robust and effective measures against money laundering and terrorist financing, instilling greater confidence in the country's financial system and leaving behind the negative stigma caused by the Panama Papers.
For businesses, this development opens up new opportunities and enhances Panama's attractiveness as a destination for business, investment, and financial activities. It strengthens the credibility of Panama's legal and regulatory framework, providing a solid foundation for conducting business transactions securely and transparently.
Moreover, Panama's removal from the grey list aligns with its strategic vision of becoming a regional financial hub. It underscores Panama's commitment to upholding global standards, fostering an environment of trust, and promoting international cooperation in the fight against financial crimes.
At #LexInnova, we applaud Panama's significant progress and are proud to have contributed to this journey by providing legal expertise and guidance in compliance matters to our clients. As Panama takes this important step forward, we are optimistic and confident that it will continue to be a thriving and reliable destination for businesses, offering stability, growth, and endless possibilities.
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