Panama is off the FATF Grey List and the country’s financial landscape is undergoing a pivotal transformation, with the nation intensively enhancing its regulatory framework to meet international compliance standards. In our latest Integro Talks episode, we sit down with Raul Guizado, the Vice President of Compliance and Corporate Security for Banco General, to dissect the nuances of Panama's relationship with the Financial Action Task Force (FATF) and the country’s comprehensive strides towards fortifying its financial systems against money laundering and terrorist financing. Guizado lends his expert perspective on the collaborative efforts that led to Panama's removal from the FATF Grey list in October 2023, the enhanced sanctions that now shadow non-compliance, and the inclusion of non-financial entities within these stringent regulations.
Unraveling Panama's legislative updates feels akin to watching a high-stakes game of chess, where each strategic move is made with the precision to protect and elevate its global financial standing. Our conversation covers the proactive measures Panama has adopted, from the revised national risk assessment targeting the Colón Free Zone's vulnerabilities to the implementation of Law 254 aimed at curtailing the misuse of nominee directors. Guizado guides us through the robust compliance culture taking root in the Panamanian banking sector, and the fundamental changes echoing the seismic shifts of Swiss bank reforms post-Panama Papers scandal.
This episode is an essential listen for anyone interested in the global fight against illicit financial flows and the ever-evolving demands of financial regulation.
Credits:
Host: Alberto de la Portilla
Guest:
Raul Guizado
Vice President of Compliance and Corporate Security
Banco General
Intro/Outro Theme Music: Noah de la Portilla
Audio/Video Editing: Scalto
Produced By: Integro Advisers (www.integro-advisers.com)
