The US Government is reportedly applying pressure to Panama to pass a law to regulate real-estate dealers, lawyers, notaries and jewellers for anti-money-laundering purposes.

The Financial Action Task Force, the world's anti-money-laundering standard-setter that is largely run by the Americans, Germans and French, states on its website that it was in October 2014 that Panama began to take steps towards the improvement of its AML regime. Starting then, it issued guidelines to reporting entities about how and when to make suspicious transaction reports, improved the 'capacity' (presumably this means the headcount) of its financial intelligence unit and issuing regulations on bearer shares. In October Panama signed an MOU with Peru, in which the two FIUs bound themselves to pool technical skill, strategies, case studies and more.

However, the FATF has determined that strategic deficiencies remain. Panama, it thinks, should do more to “implement its action plan” to: (1) criminalise money laundering and terrorist finance adequately; (2) establish and implement adequate laws for the freezing of anything that any other nation claims to be terrorist assets; (3) establish effective measures for 'customer due diligence' in order to 'enhance transparency', a phrase that sounds as though it guarantees the public a view into the inner workings of banks and government institutions but usually means the exact opposite; (4) establish a fully operational and effectively functioning financial intelligence unit; (5) establish suspicious transaction reporting requirements for all financial institutions and 'gatekeepers' such as lawyers and accountants who provide money-launderers with access to the financial system; and (6) ensure effective legal mechanisms for international co-operation. Panama made a vague political commitment to 'work with' (i.e. obey) the FATF and the Latin American FATF-style regional body (AGAFILAT) to address its strategic AML/CFT deficiencies in June 2014, but this was long before any action took place. FATF-style regional bodies or FSRBs are a staple of the anti-money-laundering world.

Accordingly, there is a new law on the stocks. The Americans are pressurising Panama to expedite matters and the AGAFILAT has had a hand in the drafting. The bill proposes to extend regulations that currently apply to financial institutions to accountants, auditors, realty developers, casinos, dealers in metals and precious stones, lawyers, notaries and even the the Colón Free Zone. Among the 11 activities on which it seeks to impose regulation are "the administration of money or securities" (presumably outside the usual realm of deposit-taking and trading on exchanges) and the purchase and sale of corporations. Panama has regulated trusts since Law No 9 was approved in 1925.