Regulatory Alerts2018-11-29
Circular 11-2018: Guidelines for the Detection of Terrorism Financing and Relevant Risk Indicators
The Superintendence of the Securities Market of Panama issued Circular 11-2018 to distribute guidelines for detecting terrorism financing and identifying relevant risk indicators. These guidelines, developed based on Financial Action Task Force (FATF) criteria, are intended to assist obligated subjects in preventing terrorism financing and reporting suspicious transactions. The document mandates that these indicators be kept confidential and not publicly distributed, with access provided via a secure electronic link.
[Logo: SMV Superintendencia del Mercado de Valores República de Panamá]
Panama, November 26, 2018 Circular No. SMV-11-2018
To: Compliance Officers City -
Subject: Guidelines for the Detection of Terrorism Financing and Relevant Risk Indicators.
Through Administrative Resolution No. 33-2018 of September 25, 2018, the Financial Analysis Unit for the Prevention of Money Laundering and Terrorism Financing, acting as the center for the collection and analysis of financial information and exercising the legal powers conferred by Law 23 of April 27, 2015, is responsible for establishing guidelines and providing feedback to help financial and non-financial obligated subjects supervised by professionals apply the measures contained in this Law, particularly in the detection and reporting of suspicious transactions.
In fulfillment of this function, the UAF proceeded to consolidate, adapt, and distribute these guidelines and general compendiums, which have been developed based on criteria referenced by the Financial Action Task Force (FATF), with the purpose of serving each sector in preventing Terrorism Financing.
The UAF has requested that the utility of the indicators issued in the guidelines and compendiums be preserved, avoiding their public distribution. They may be shared with obligated subjects, government entities, and supervisory bodies committed to detecting and dismantling the financial flows of terrorists and terrorist organizations.
Via email, we will be sending you the link that you must use to access this information.
[Signature] Loraine Chavarría de Sinclair Acting Superintendent
/drt