Cryptoknowmics
2022-05-19 11:17:15

Panama’s Crypto Bill Faces a Setback as the President Calls for Stricter AML Regulations

In the much-anticipated measure that intends to regulate the usage of cryptocurrencies, Panama’s President Laurentino Cortizo has called for stricter anti-money laundering (AML) restrictions. He also refused to sign the bill into law until the changes were made. The President’s Opinion Cortizo stated that he requires assurances that the bill complies with international anti-money laundering standards. The President added, when addressing the Bloomberg New Economy Gateway Latin America conference in Panama City, “If I’m going to answer you right now with the information I have, which is not enough, I will not sign that law. I have to be careful if the law has clauses related to money laundering activities. Anti-money laundering activities are very important to us.” In June 2019, the Financial Action Task Force (FATF), a global intergovernmental watchdog, put Panama on its Grey list. Following this, the offshore hotspot’s financial officials pledged to take several steps to tighten its anti-money laundering (AML) and counter-terrorist financing (CFT) regimes. While Cortizo thinks the crypto law is “interesting,” he says he’s waiting for worldwide crypto regulation. “It is an innovative law from what I have heard, it’s a good law. However, we do have a solid financial system here in Panama, and one of the things I’m waiting on is when you have a global regulation of crypto-assets.” About the Bill The Latin American country’s lawm...

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