Panama: A Country That Delivers
Panama has taken a firm and decisive step toward strengthening its international reputation. Thanks to the collaborative efforts of both the public and private sectors, the country has gained the trust of international oversight bodies. The result? Panama is officially off the European Union’s grey list!
Off the FATF Grey List: A Major Technical Milestone
In October 2023, Panama was removed from the Financial Action Task Force (FATF) grey list, after demonstrating full compliance with the 40 recommendations issued by this international body. These guidelines aim to prevent money laundering, terrorist financing, and the proliferation of weapons of mass destruction.
This achievement was not accidental; it was the outcome of a well-executed national strategy and sustained technical commitment.
Why Was Panama Still on the EU List?
Despite meeting the FATF’s technical standards, Panama remained on the European Union's list of non-cooperative jurisdictions for political reasons. While the EU’s technical experts had recommended our removal, the final decision rested with the European Parliament, a political body with its own dynamics and interests.
These “blacklists” or “grey lists” are tools used by entities such as the United Nations, the EU, and the OECD to push countries toward global standards and ensure protection against organized crime and financial abuse.
Why Does This Matter to Everyday Panamanians?
Being removed from these lists directly impacts Panama’s economy and financial opportunities. A stronger reputation translates into:
- Easier international financial and commercial transactions
- Better access to international credit and loans
- Lower interest rates on public debt
- Increased competitiveness and investor confidence
In short: a more trusted Panama means a more prosperous Panama.
The Critical Role of Lawyers and Technology
Lawyers have played a key role in this achievement. They represent 97% of the Designated Non-Financial Businesses and Professions (DNFBPs) and have embraced technology as a strategic ally.
By using the RUBF platform of the Superintendency of Non-Financial Entities, they successfully uploaded over 80% of all legal entities registered in Panama’s Public Registry—meeting obligations regarding ultimate beneficial ownership transparency.
This commitment has not only helped improve compliance but also boosted business trust, creating better commercial opportunities.
A New Way of Doing Business
Legal professionals and business leaders alike understand that the way we do business has changed. Today, it is essential to:
- Know your client
- Apply proper due diligence
- Assess the risks of each economic activity
These are not burdens—they are strategic tools for making better decisions and enhancing Panama’s global image.
What’s Next?
Panama has done its part. Now it’s time to prove that our compliance was not just about getting off a list, but about building a more transparent and responsible country.
We must now attract investors, double down on our efforts, and work toward economic growth, financial stability, and social wellbeing.
Panama is not just off the list. Panama is stepping forward as a trustworthy, serious, and committed nation.
Now more than ever, it’s time to protect our progress—and keep moving forward.