Panama's inclusion last year on the EU's list of high-risk third countries could negatively affect the popularity of the Panama Ship Registry due to transparency concerns with shipping lenders, according to German shipping bank Berenberg.
The EU list targets countries which – due to weak governance and widespread corruption – are considered vulnerable to international money laundering and the financing of terrorism, and Philipp Wünschmann, head of Shipping at Berenberg, says the inclusion of Panama could moderate lenders' appetite for shipping clients flying the Panamanian flag.
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