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Offshore and Money Laundering

Money Laundry is approximately 6,3% of the GDP

Banks are compelling to send properly information to the FATF

Money Laundry Operations in Latin America are between 2,5% and 6,3% of the GPD, reputedly IADB. Therefore, suspicious bank transactions will be more watched.

In this category will be included, for instance any individual who opens a bank account with US$8,000 or more, then in few days follow out with several deposits.

Every wire transfer for more than 10,000.00 has to be proven the origin. Also, every deposit for more than US$100,000.00 will be recorded.

From the Official Accomplishment Department of every banks, integrated by 10 auditors and accountants, through computer system.

After, every financial entity final brief will be sent to Financial Analysis Unit.

Bank Supervision Director from the Panama Bank Superintendency, Rene Menendez agreed measures implemented in Panama have received a very good qualification by the IADB.


At the end of 2006, IADB placed Panama the number 3 in accomplishment with 80%, preceded only by USA and Belgium,  88% and 84% respectively.

He explained, one of the contributed policies was the "due diligence", in order to verify client condition, kind of activity and money origin.

In a certain way, Nancy Batista, who was talking about Money laundering and other financial crimes, she said Panama Bank System with positive advances, however she considered we must to be alert.

Also, it was informed that money laundering and other financial crimes there are a lot of sofisticated techniques to achieve the money launder effective without any suspicious and looks like a licit activity.

One of the most used techniques to commit these illegal activities, would be identify lottery winners, in order to offer them money, so the award will legitimate the origin of the money.

Banks, Casinos, Gambling Centers, Real Estate, Jewlry and Pawn Shop, amongst them.

Law No. 42 of October 2nd, 2000, established Prevention Measures to Avoid Money Laundering.

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