Gafi decision to exclude Panamá from the gray list is positive
In a statement that gave the company keeps Panama with a risk rating of investment grade (Baa2 with “Stable” outlook) recalled that the initial inclusion of Panama in the “gray list” noted some shortcomings in the regulatory framework that could He has tarnished its reputation as a major regional financial center.
He further stressed that the most important of this legislation is that it allows the Financial Intelligence Unit of Panama (UAF) information sharing entities foreign counterparts, which will improve their effectiveness at the local level.
He added that, for banks, excluding Panama from the “gray list” significantly reduces the risk that their relationships will be lost with correspondent banks with international financial institutions.
“Given the financial system fully dollarized Panama, any significant reduction of financial relations have greatly limited the prospects for bank financing,” he said, so that in his opinion, the decision of Gafi help protect business financing of domestic commercial banks and contribute to its continued access to interbank beyond the borders liquidity, providing an additional tool to mitigate increasing refinancing risks.