News

Panama’s susceptibility to trade-based money laundering, failure to criminalize tax evasion and weak understanding of its vulnerabilities to illicit finance are among several flaws that recently drew criticism from an intergovernmental group. In a 214-page report, GAFILAT, the Financial Action Task Force’s affiliate in Latin America, praised Panamanian authorities for pursuing cases against money launderers more frequently and implementing measures in the past few years to address risks stemming from their country’s role as a regional financial center. But GAFILAT criticized Panama’s lack of statutes against tax evasion and the resultant inability of prosecutors to file money-laundering charges in connection...