Panama rejects the European Commission proposal that includes the country in a high risk list

The Government of the Republic of Panama strongly rejects the proposal of the European Commission to include the country in a list of jurisdictions of high-risk third countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks.

Considering that the publication issued today by the European Commission must be submitted to the European Parliament for approval within a period of one month, the Government of Panama will continue its efforts to establish a communication channel to clarify the concerns of the European Commission.

Thus, the country reiterates the call to establish a frank and continuous dialogue, which values the commitment and dedication of Panama in the adaptation of its legislation and financial platform, to avoid money laundering and the financing of illegal acts.

While this communication channel is established, the Panamanian Government will call the Representative of Panama before the European Union, Ambassador Miguel Verzbolovskis, for consultations and will establish a period of 30 days to announce additional steps.

For Panama, the process carried out by this European body in preparation of the list has been opaque, since no interaction was done with Panama as the third party subject to analysis.

Despite enormous efforts from its Embassy and Representation before the European Union in Brussels and official visits from high authorities, Panama was not given the opportunity to inform or respond on the actions taken in legislation and practice, to address any deficiency perceived by the Commission.

In addition, the inclusion is not consistent with the close bilateral and commercial relationship that Panama maintains with this regional bloc, nor with the great advances our nation has made in terms of strengthening and modernizing its financial platform and international services, governed today by robust legislation. and adequate to the highest standards, recognized by institutions such as the Financial Action Group of Latin America (GAFILAT) and the Global Forum of Transparency and Exchange of Information of the OECD.

Panama urges the European Commission to reconsider the unjust action taken against a country with a clear commitment to fight money laundering and the financing of terrorism.