Panama: High Risk for Money Laundering

Basel AML index map

Panama did not rank well on the 2014 Basel Anti-Money Laundering list which evaluates anti-money laundering standards, institutional capacities and transparency in the financial and public sector. The index, published by the Basel Institute on Governance, positioned Panama at 138 of 162 countries, where the lower the position in the ranking, the higher the risk of money laundering. Panama leads…

Ban Ki Moon is Coming

panama_summit_americas_logo

United Nations Secretary General Ban Ki Moon will attend the Seventh Summit of the Americas in Panama on April 10 and 11. President Juan Carlos Varela made the announcement from the World Economic Forum in Davos, Switzerland on Friday. The summit, entitled “Prosperity with Equity: The Challenge of Cooperation in the Americas”, will focus on health, education, environment,…

Texas Fugitive Arrested in Panama

Alexander Ross

Alexander Emil Ross, age 66, was arrested in Panama and deported to the United States on January 9. He had been on the run for since 1998, where he was allegedly practicing dentistry without a license in Texas and sexually abusing his child patients in Austin, Texas.  He fled after being charged with aggravated sexual assault of…

Copa Airlines Moves in On Panama-David Route

copa airlines

Copa Airlines now offers two daily flights between city of David and Panama City’s Tocumen International Airport. The route between the capital and the western province represents 51% of local traffic, and was used by 149,724 passengers last year. Air Panama has been the only airline offering domestic flights since Aeroperlas folded three years ago. Copa launched the route starting…

President Martinelli’s Intelligence and Security Consultants

The administration of former President Ricardo Martinelli spent at least $4.6 million on intelligence gathering and surveillance training, according to Ministry of the Presidency records. The beneficiaries included M.L.M Protection Ltd. and Command Panama, S.A. M.L.M Protection is the Israeli company that sold the government $13.4 million in wiretapping equipment in 2010 through the  Social…

Panama Public Debt Update

dollar sign

Panama closed out November with over $18 billion in public debt. According to the Ministry of Economy and Finance, this represents a decrease of $83.1 million compared to the previous month, but $2.36 billion more than the balance at the end of November 2013. The decrease is partly due to the dollar’s relationship with the…