CCF Organizes Workshop on AML/CFT/WMD

Tuesday, 27 February 2024

The Financial Coordinating Council (CCF), through its working group on Anti-Money Laundering, Countering the Financing of Terrorism, and Financing the Proliferation of Weapons of Mass Destruction (AML/CFT/WMD), consisting of the Superintendency of Insurance and Reinsurance of Panama (SSRP), the Superintendency of Banks of Panama (SBP), and the Superintendency of the Securities Market of Panama (SMV), organized the first seminar entitled “Effective Corporate Governance: Insights from Coordinated Supervision in AML/CFT/WMD,” aimed at representatives of financial conglomerates operating in the country.

Alberto Vásquez, Superintendent of Insurance and Reinsurance of Panama, opened the session, emphasizing in his speech the importance of information exchange for strengthening knowledge and capacities, both among Compliance and Corporate Governance staff of the supervisory bodies and within the financial sector regarding AML matters.

Following this, Marisol Sierra, a member of the Institute of Corporate Governance (IGC), addressed the topic “Perspectives on Effective Corporate Governance.” During her presentation, she asserted that well-structured Corporate Governance is a strength for organizations when making crucial decisions, especially in mattes of AML/CFT/WMD risk management.

Subsequently, Amauri A. Castillo, Superintendent of Banks of Panama, and Vielka Villarreal, the SBP’s AML Director, presented “Insights from Coordinated Supervision in AML/CFT/WMD,” highlighting that good Corporate Governance is fundamental to providing structure, resources, a system, and independence to the Compliance Officer. They also stressed the importance of strengthening risk matrices and maintaining a continuous and specific training program on the subject to protect financial services from these threats.

Julio Javier Justiniani, Superintendent of the Securities Market of Panama, concluded the session, emphasizing the ongoing commitment at the national level to integrity, transparency, and the strengthening of the Panamanian financial system, aiming to maintain competitiveness achieved through coordinated efforts.

Established by Law 67, dated 1st September 2011, the CCF was created with the primary objective of ensuring effective coordination among financial regulatory bodies. It is chaired by the SBP.

The event was attended by Marta Lasso, President of the ICGP, and Raúl Guizado, President of the Panama Banking Association (ABP), along with members of the Boards of Directors of financial groups, General Managers, Compliance Officers, and senior executive