Countries

High Risk of Money Laundering in Panamanian Free Zones

Photo: Web
High Risk of Money Laundering in Panamanian Free Zones

The highest risk of money laundering in Panama is now concentrated in the zones of free zones, construction, real estate and legal services, according to a study by the Ministry of Economy and Finance (MEF).

The country is involved in an offensive to prevent corruption and organized crime, after being involved in the international scandal known as Panama Papers and receiving accusations of tax haven, which were revived when executives of the multinational Odebrecht confessed to bribes in the country.

In order to analyze vulnerabilities and measures to prevent this type of crime, the authorities carried out the National Risk Assessment of Money Laundering and Terrorism Financing in this capital, through which external and internal scenarios were identified.

The weaknesses of the Colon Free Zone (ZLC), the second largest in the world, were pointed out in multiple aspects of the analysis, so it receives periodic checks from the Administration for Supervision and Regulation of Non-Financial Subjects of the MEF.

Facing a 30 percent drop in the ZLC’s economic activity, small and medium-sized entrepreneurs are carring out transactions with cash, which was pointed out by its general manager, Surse Pierpoint, as a vulnerability, even if it is only 10 percent of trade.

Source/Prensa Latina
CF/IC

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

More in Countries

San Juan Mayor: ‘Disaster-In-Chief’ Trump Was ‘Disrespectful’ to Puerto Rico

December 29, 2017

Flagrant Violation in Trial of Ecuador’s Vice President, Defense Attorney Says

December 29, 2017

MI5 Plotted Assassination of Irish PM in 1985 – Paramilitary Group

December 29, 2017

Venezuela’s Cryptocurrency Set to Avoid Financial Attacks

December 29, 2017

China Offers Tax Break to Keep Investors after US Overhaul

December 29, 2017

Israeli Jets, Tanks Launch Fresh Attacks Against Gaza Strip

December 29, 2017

Cuban Revolution Persists Despite Hostility of U.S. Government

December 29, 2017

Corbyn Accuses Tory Brexiteers Of Wanting To Drive UK Off A Cliff

December 29, 2017

Brazil Elections: Intellectuals, Artists Back Lula Candidacy

December 29, 2017
You Can Advertise Here
"The other side of the news!"
Copyright © 2015 Carib Flame. Follow us on Twitter @caribflame