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.
RELIABLE QUALIFICATION
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.
STRATEGIES
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.
OBJECTIVES
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.
