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LatinNews Daily - 12 November 2021

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In brief: Panama’s Cortizo signs fiscal transparency law

* Panama’s President Laurentino Cortizo has sanctioned a new law (624) to strengthen the legal framework to prevent and combat money laundering, terrorism financing & the proliferation of weapons of mass destruction. This is part of the government’s declared efforts to remove Panama from the grey lists of the likes of the European Council and Organisation for Economic Co-operation and Development (OECD) and the Financial Action Task Force (FATF) of jurisdictions that do not yet comply with all international tax standards. Isabel Vecchio Arófulo, the technical secretary of the national anti-money laundering commission (CNBC) said the bill was crucial to meet international commitments with the FATF, OECD, and EU.