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Weekly Report - 21 February 2019 (WR-19-07)

PANAMA: Transparency setback for Varela

President Juan Carlos Varela received a major blow last week after the European Union (EU) included Panama on its blacklist of countries with weak anti-money laundering and terrorist-financing regimes. The EU’s decision comes despite ongoing efforts by the Panamanian government to restore credibility to the country’s image, which was seriously damaged by the April 2016 ‘Panama Papers’ scandal (in which more than 11m confidential documents were leaked from the offices of Panama-based offshore law firm Mossack Fonseca).

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