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Panama's lawmakers have established a commission to revise money laundering regulations as part of ongoing efforts to align the country's financial practices with global standards.
The commission is due to table its proposals for reforming the decade-old anti-money laundering provisions by the end of the year, according to Panamanian newspaper La Prensa.
The reform is expected to toughen supervision of international money transfers and the personal information of bank account holders.
In 2009, Panama launched a campaign to leave behind its tax haven status and create a transparent mainstream financial services hub in Latin America.