Moody’s: Panama’s Sovereign Credit Rating to Benefit

Moody’s Investor Services said in a recent report that Panama’s removal from the FATF gray list is a positive development with regard to the country’s sovereign credit rating.

"The change (removal from the gray list) is positive for the sovereign credit rating of Panama and for banks because it confirms that the authorities have the ability to cope with the risks of money laundering" the agency said in the report.

Panama’s Ministry of Economy and Finance noted that Moody's recognized that through coordination between legislators, regulators, and the private sector, the government obtained the approval of a new and broader law against money laundering in April of 2015. The new law and regulations have strengthened the regulatory bodies and increased their oversight responsibilities and capabilities. The new legislation will also increase the efficiency of the Panama’s Financial Intelligence Unit.


Source: ANPanama