FinCEN Advisory: Transactions Involving Panama, July 2000, Issue 23   [open pdf - 217KB]

The FinCEN Advisory "...is a recurring series designed for the financial, regulatory and law enforcement communities. Subsequent advisories will describe trends and developments related to money laundering and financial crime." In this issue of FinCEN: "This Advisory is being issued to inform banks and other financial institutions operating in the United States of serious deficiencies in the counter-money laundering systems of the Republic of Panama. The impact of such deficiencies on the scrutiny that should be given to certain transactions or banking relationships involving Panama, in light of the suspicious transaction reporting obligations of financial institutions operating in the United States, is discussed below. Panama occupies a critical strategic and economic position between Central and South America. Its population is roughly 2.8 million. Panama.s well-developed services sector accounts for roughly threequarters of its GDP. The services sector includes the Panama Canal, shipping and container port activities, and local and offshore banking and insurance services. Panama.s free trade zone (the Colon Free Zone) is the world.s second largest free trade zone and plays an important part in Panama.s service economy. The U.S. dollar is legal tender in Panama."

Public Domain
Retrieved From:
Financial Crimes Enforcement Network: http://www.fincen.gov
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FinCEN Advisory (July 2000), iss.23
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