Could the reputation of Panama improve when dominance of EU diminishes financially-wise?

[BalnearioCamboriu]

As far as know, it's EU who's put Panama on its black list.

When the EU zone becomes less influencial financially in the world, which it's already been doing, and as the other countries become more influencial, would the reputation of Panama, and other countries the blacklist, improve naturally? For the list will become less relevant.

 

[JackAlabama]

As far as know, it's EU who's put Panama on its black list.

When the EU zone becomes less influencial financially in the world, which it's already been doing, and as the other countries become more influencial, would the reputation of Panama, and other countries the blacklist, improve naturally? For the list will become less relevant.

Yah probably. Also important would be to inspect the correspondence network of the currency used in transfers. Another neutral network would be appreciated.

 

[Sols]

As far as know, it's EU who's put Panama on its black list.

EU is just one of many. It's on similar lists all over the world. Panama is/was not a problem only to the EU. It's just that EU has far greater international political influence than many smaller, individual states.

While FATF is based in EU, it represents the whole world. Here is what they wrote most recently about Panama, in February 2023. Jurisdictions under Increased Monitoring - 24 February 2023

Since June 2019, when Panama made a high-level political commitment to work with the FATF and GAFILAT to strengthen the effectiveness of its AML/CFT regime, Panama has taken important steps towards improving its AML/CFT regime, including by demonstrating its ability to investigate and prosecute ML involving foreign tax crimes. However, Panama should continue to take action to fully address remaining measures in its action plan as all timelines have already expired in January 2021. Panama should therefore continue to work on implementing its action plan to address its strategic deficiencies, by ensuring adequate verification, of up-to-date beneficial ownership information by obliged entities and timely access by competent authorities.

The FATF again expresses concern that Panama failed to complete its action plan, which fully expired in January 2021. The FATF strongly urges Panama to swiftly complete its action plan by June 2023 or the FATF will consider calling on its members and urging all jurisdictions to apply enhanced due diligence to business relations and transactions with Panama.

 

[JackAlabama]

EU is just one of many. It's on similar lists all over the world. Panama is/was not a problem only to the EU. It's just that EU has far greater international political influence than many smaller, individual states.

While FATF is based in EU, it represents the whole world. Here is what they wrote most recently about Panama, in February 2023. Jurisdictions under Increased Monitoring - 24 February 2023

disagree with you here these international orgs like who, gavi, fatf whatnot representing the whole world. It is part of the power structure bullying smaller countries to stand down.

 

[Sols]

disagree with you here these international orgs like who, gavi, fatf whatnot representing the whole world. It is part of the power structure bullying smaller countries to stand down.

Fair point, but it is more than just EU. FATF has a lot of western members, but its members also include India, Brazil, Malaysia, Turkey, and Saudi Arabia. The GCC is also a member.

 

[JackAlabama]

Fair point, but it is more than just EU. FATF has a lot of western members, but its members also include India, Brazil, Malaysia, Turkey, and Saudi Arabia. The GCC is also a member.

Yes, thats very correct.
But I look at it more like the UN etc which have basically all countries as members, but some or some (informal) groups within are more equal than others.

 

[bountymounty]

There is no place on earth you can hide if you don't relocate and have lots of money! If you have the latter you can get a very good life in most countries with low corporate tax structures like Switzerland, Dubai, Portugal, Cyprus and Malta!

 

[JackAlabama]

There is no place on earth you can hide if you don't relocate and have lots of money! If you have the latter you can get a very good life in most countries with low corporate tax structures like Switzerland, Dubai, Portugal, Cyprus and Malta!

true, If you do not need to work and have enough money for what you want, you basically can go anywhere and live off your capital. Most countries are very good for this.