Panama: 'a Hell Hole for Dirty Money'
Matthew Weaver profiles the Central American republic
Panama has a reputation as a haven for money laundering.
Jeffrey Robinson, an expert on fraud, told Sky News today: "Panama is a place you can hide money. It's a hell hole for dirty money."
In 2000 it was placed on a blacklist by the Financial Action task force, a group set up by the G7 group of industrialized nations to tackle money laundering. It was labeled a "non-cooperative" tax haven in the fight against fraud.
Panama was removed from the blacklist a year later after a campaign by the Panamanian government, and it was then praised for trying to tackle money laundering.
The Panamanian economy is now lauded by the World Bank as "among the fastest growing and best managed in Latin America".
But money laundering from the drug trade remains a big issue, according to the CIA.
In its country profile it says Panama is a "major cocaine trans-shipment point and primary money-laundering center for narcotics revenue". It said monitoring of financial transactions was improving but official corruption remained a problem.
Panama has a population of more than 3 million. The Institute for Public Policy Research released emigration statistics last year which estimated the number of Britons living there full-time at around 1,000.
It is claimed to be an increasingly popular retirement destination, boasting cheap housing, good health care and a beautiful coastline.
The Home Office said it had no records of anyone being extradited from Panama to Britain since the extradition treaty was signed in 1907.
Jeffrey Robinson, an expert on fraud, told Sky News today: "Panama is a place you can hide money. It's a hell hole for dirty money."
In 2000 it was placed on a blacklist by the Financial Action task force, a group set up by the G7 group of industrialized nations to tackle money laundering. It was labeled a "non-cooperative" tax haven in the fight against fraud.
Panama was removed from the blacklist a year later after a campaign by the Panamanian government, and it was then praised for trying to tackle money laundering.
The Panamanian economy is now lauded by the World Bank as "among the fastest growing and best managed in Latin America".
But money laundering from the drug trade remains a big issue, according to the CIA.
In its country profile it says Panama is a "major cocaine trans-shipment point and primary money-laundering center for narcotics revenue". It said monitoring of financial transactions was improving but official corruption remained a problem.
Panama has a population of more than 3 million. The Institute for Public Policy Research released emigration statistics last year which estimated the number of Britons living there full-time at around 1,000.
It is claimed to be an increasingly popular retirement destination, boasting cheap housing, good health care and a beautiful coastline.
The Home Office said it had no records of anyone being extradited from Panama to Britain since the extradition treaty was signed in 1907.
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