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There is a separate but related topic regarding Panama and financial blacklists. One topic (this one) addresses blacklisting by the USA, and the other topic addresses blacklisting by the European Union. Please also see: http://www.chiriqui.life/topic/7898-panama-versus-european-union-tax-haven-blacklist-money-laundering-illicit-black-money/

Panama's action to criminalize tax evasion is discussed at http://www.chiriqui.life/topic/7388-criminalization-of-tax-evasion/


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Legislative Endorsement for Anti-Money Laundering Law

The National Assembly of Panama approved in third debate the bill that creates the Superintendence of Non-Financial Subjects, and now the proposal only awaits the approval of the Executive.

Thursday, December 5, 2019

The bill, which was sent by the Executive Branch to be analyzed in extraordinary sessions and which seeks to establish the exclusive competence to regulate and supervise non-financial regulated entities administratively with the aim of preventing money laundering, the financing of terrorism and the proliferation of weapons of mass destruction, has already passed the procedure in the National Assembly.

The new Superintendence will have autonomy with legal personality, its own patrimony and administrative independence, and its structure includes a director, a deputy director and a Board of Directors made up of representatives from the governmental and private sectors.

The Assembly statement explains that "... the approved document regulates the career of public servants in the superintendence of non-financial subjects, as well as the sanctions that will be imposed on those who violate this law.
This entity, as provided in the bill, will coordinate with the Financial Analysis Unit to prevent money laundering, terrorism and the proliferation of weapons of mass destruction.



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Panama suspends 381,000 corporations


Alexjadro Rojas

Posted 23/12/2019

As part of the fight against money laundering, the Panama Government has ordered the suspension of 381,000 registered corporations for not complying with the requirements established by law sys  The Ministerial adviser of facilitation of private investment, José Alejandro Rojas.

Law 52 of 2016 empowers the Public Registry to suspend the corporate rights of legal persons (such as corporations) for remaining without designating a resident agent, for not paying the single fee for three years or for being delinquent in paying fines


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Panama moves forward with beneficial owner register


10 January 2020

Panama's National Assembly of Panama has approved a Bill that will create a register of beneficial owners of legal entities in the country at the centre of the biggest offshore scandal in history.

Under the Bill, resident agents will be required to file relevant information on all Panama-incorporated legal entities for which they are acting. All legal entities incorporated in Panama must appoint a Panamanian lawyer or law firm as their resident agent.

The jurisdiction's current beneficial ownership regime only requires resident agents to perform due-diligence on their client entities' ultimate beneficial owners. This information will now be collected on the register, under the control of the Superintendence of Non-Financial Institutions.

The Panama Papers investigation, led by the International Consortium of Investigative Journalists, provoked a global scandal in 2016 by revealing how certain rich and powerful figures use anonymous, offshore corporations to hide their money and evade tax.

In response, nations around the world pledged to shine a light on individuals who secretly control such corporations.

In June 2019, the global Financial Action Task Force (FATF) placed Panama back on its grey list of monitored countries, citing strategic anti-money laundering deficiencies, resulting in the Panamanian authorities agreeing to step up efforts to combat money laundering.

The new Bill requires resident agents to register with the Superintendence and submit the required information within 30 business days of the company being incorporated or of being appointed as its agent. A grandfathering clause grants resident agents of existing companies six months to register and obtain the required information. An agent that fails to do this will be required to re-sign as the entity's resident agent.

A legal entity whose resident agent has not registered with the Superintendence will be suspended from the Panamanian Public Registry, and will be removed after failing to file for two years.

The bill would sanction resident agents with fines from US$1,000 to US$5,000 for each legal entity whose information is not registered or updated in the beneficial owner register. For each day, the registration or update is not completed, the bill would impose progressive fines on 10% of the fine previously imposed, up to a maximum of six months. If false information is provided or filed in the beneficial owner register, the bill would impose additional sanctions, according to a report by EY.



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