According to the local media outlet, the Laurentino Cortizo's major concern is that the bill does not sufficiently adapt digital assets to the rules that regulate the Panamanian banking system.
Benjamin Delo pleaded guilty to violating the Bank Secrecy Act alongside Hayes and Reed, but despite prosecutors pushing for a bigger sentence, he has avoided prison.
Panama's President Laurentino Cortizo, whose signature is needed for the bill to progress, said he would not sign it without getting certain confirmations first.
Arthur Hayes, co-founder/former CEO of the BitMEX cryptocurrency exchange, won’t see the inside of a prison despite allowing customers to use the platform to circumvent U.S. anti-money laundering rules.
In its report, Moneyval acknowledged that the emerging virtual assets sector and the increasing use of digital currencies is becoming a significant challenge to combat money laundering.
The OCC states that the bank failed to meet Bank Secrecy Act requirements and ordered it to appoint a compliance committee and hire a BSA officer.
Lenders and money service businesses, including digital asset exchanges, had the poorest understanding among financial institutions, according to the Financial Action Task Force report.
The central bank’s guidelines will potentially open up the banking system to the nascent sector, with banks not allowed to issue sweeping refusals to VASPs.
Samuel Reed, along with Arthur Hayes, Benjamin Delo, and Greg Dwyer, are accused of knowingly operating a BTC trading platform that had a lax anti-money laundering program and failed to conduct basic KYC checks.
Germany will lead the formation of the new body and it’s expected to start operations in 2024, including oversight over Bitcoin, which the watchdog believes is prone to crime.
A special report by Reuters has unearthed the rot at Binance, including how top execs made fun of anti-money laundering and Know Your Customer checks, and how Zhao led the flouting of laws.