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Criminalizing Certain Kinds of Financial Transfer

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Panama: Penalization for Illegal Remittances

Sanctioning anyone who transfers money through systems not authorized by the competent authority with an 8 to 15-year prison term is part of the bill that will be presented to the Assembly.

Wednesday, November 13, 2019

On November 12, the Cabinet Council approved the bill adding article 253-A to the Criminal Code, which will be presented to the National Assembly for discussion and subsequent approval.

The law is applied as an effective measure against sending money remittances outside the law - as a system for money laundering and the use of funds from crimes - which affects the proper functioning of the country's Banking and Financial Center, informed the Panamanian presidency.

The statement adds that "... The Minister of Economy and Finance (MEF), Hector Alexander, said that for years the sending of remittances illegally has been regulated only in the administrative sphere, which has been inefficient for its eradication, so it is necessary to criminalize it in the criminal sphere.

He added that this rule is expected to be a 'preventive and dissuasive medicine' that serves to discourage this practice, penalizing illegal remittances, with penalties of 8 to 15 years in prison, because there are concerns with what is done with these funds, which are used to finance terrorist practices and arms purchases among others.
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https://www.centralamericadata.com/en/article/main/Panama_Penalization_for_Illegal_Remittances

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