Panama and the United States signed a memorandum of understanding on Friday, August 14 to create a working team both countries against money laundering and corruption.

The two  countries agreed to work together to carry out investigations on money laundering and corruption, not related to drug trafficking, supporting

"This agreement will allow the support of the Panamanian authorities in the identification of the sources of financing of terrorism and other crimes derived from money laundering," said a statement from Panama's  Ministry of Security of Panama.

As part of the agreement, the United States government will provide the task force with certain equipment, resources, training, and specialized knowledge in the field to help fulfill its mission.

The Judicial Investigation Directorate, the Public Ministry, the Financial Analysis Unit, the General Directorate of Revenues, and the Superintendency of Banks of Panama are part of the working group.

“The government of Panama advances a national agenda that entails a commitment to transparency,

the fight against corruption, with the strengthening of our institutions and the effective application of our laws against money laundering and the fight against the financing of terrorism, with the objective of updating our economic and financial system in order to continue promoting foreign investment and consolidate ourselves as the most important financial center in Latin America ”, the statement concludes.