Panama President Calls For Stricter AML Controls

The Panama President calls for stricter AML controls as the new law will enable the residents in the country to pay their taxes and civil debts by using digital assets only when the President signs it so let’s read more today in our latest cryptocurrency news.

Panama President Laurentino Cortizo called for strict AML controls in the new bill that aims to regulate the use of crypto passed by the general assembly. He refused to sign into law until the modifications are implemented.  Cortizo said he needs to guarantee that the bill will adhere to global AML standards:

“If I’m going to answer you right now with the information that I have, which is not enough, I will not sign that law. I have to be very careful if the law has clauses related to money laundering activities. Anti-money laundering activities are very important to us.”

The Financial Action Task Force added Panama to its Grey list in June 2019 and after this, the offshore financial leaders assured that it will commit to several measures focused on enhancing its AML efforts. Cortizo does believe that the crypto law is innovative and revealed waiting for the regulation of the asset class:

“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.”

The lawmakers in Latin America approved a bill that will regulate the use of BTC and eight other cryptocurrencies while aiming to pay taxes and private transactions. The copy by Gabriel Silva revealed that citizens, legal entities, and banks in the country will be allowed to use BTC, ETH, XRP, LTC, Elrond, IOTA, Stellar, and Algorand as a means of payment. Panama’s bill contained similar stipulations as El Salvador’s bitcoin bill and it will enable governemnt agencies to migrate public records to the blockchain which is a move many consider can transform the country into a digital hub in the region.