On Friday, a government statement announced that FATF, the financial crime watchdog, has taken Panama off its gray list, which records countries perceived as inadequately combating money laundering. Panama first appeared on the Financial Action Task Force’s (FATF) gray list from 2014 to 2016, affecting its investment ratings and reputation. However, they found themselves back on the list in 2019.
Hector Alexander, the Panamanian Economy and Finance Minister, informed Reuters on Friday that the government’s systemic changes in the financial sector stand robust enough to prevent a return to the list. Back in June, Deputy Financial Minister Jorge Almengor had anticipated Panama’s removal from the list.
Alexander emphasized that this removal would pave the way for international investments, particularly from Europe, though he did not provide specific upcoming transaction figures. “We have to grow outwards as a small country,” commented Alexander.
Panamanian President Laurentino Cortizo hailed the decision on the social media platform X, previously known as Twitter.