Panama Canal revenues make up a significant portion of Panama's GDP, while industries such as banking, trade, and tourism are important and growing sectors. Thanks to the canal, Panama was able to build the largest international financial center in the Central American region, whose assets are more than 3 times the GDP of Panama. Stability is seen as a key strength of Panama's financial sector, along with a favorable business and economic climate. Panama's banking system complies with the Basel Core Principles for Effective Banking Supervision. Nevertheless, Panama has a worldwide reputation as a tax haven. In particular, since the publication of the Panama Papers in 2016, the country has made significant progress in improving compliance with anti-money laundering recommendations. In February 2016, Panama was removed from the FATFGAFI greylist, but the IMF still sees a need to strengthen the country's financial transparency and fiscal structure. https://www.confiduss.com/en/info/blog/article/private-bank-account-opening-panama/