The 8204 amendment to the Law adopted by the Assembly of Costa Rica also requires banks to refuse to open accounts for companies who are not able to justify the origin of their resources.

From a statement issued by the Legislative Assembly of Costa Rica:

A new legal framework includes reforms on the crime of financing terrorism, supports actions to immediately freeze assets under the resolutions of United Nations Security Council on terrorist financing and incorporates the obligation to report suspicious transactions. 

See: "$4.2 billion Laundered in Costa Rica Per Year"

The framework centers around law 19,909 "Reform of Articles 33, 33a, 69a and 86 of the Law on narcotics, psychotropic substances, drugs of unauthorized use, activities related to laundering and terrorist financing Act 8204" adopted today in a second debate by the Legislature. 

More on this topic

Costa Rica: The New Law Against Money Laundering

May 2017

Once enacted, the newly approved law will force accountants, lawyers, realtors, and other professionals to report suspicious transactions made by their clients.

Bill 19.951 reforming the Law on Narcotic Drugs, Psychotropic Substances, Drugs of Unauthorized Use, Related Activities, Legalization of Capital and Financing of Terrorism was approved in a second debate by the Legislative Assembly.  

Panama: More Time to Get Off "Gray List"

March 2015

The government will ask the FATF to postpone the review of the legal framework being implemented against money laundering in the country until 2017.

The review by the Financial Action Task Force (FATF) is initially scheduled for 2016, but the government has announced that it will be requesting an extension to complete and verify the effectiveness of the legal restructuring, which involves the adoption of new laws and amendments to other ones.

Panama: Draft Bill On Money Laundering

March 2015

The Cabinet has approved a draft law which incorporates non-financial sectors such as free zones and real estate agents to the list of entities required to report information according to the law.  

From a statement issued by the Government of Panama:

In the interest of protecting important sectors of the Panamanian economy and complying with international standards on transparency and due diligence, the Cabinet approved on Tuesday a draft law against money laundering, terrorist financing and financing the proliferation of weapons of mass destruction.

Panama: New Law on Prevention of Money Laundering

December 2014

A bill which is to be submitted to the National Assembly in February establishes an obligation to report suspicious activities which are not specifically financial.

This initiative is part of the package agreed with the Financial Action Task Force (FATF) to strengthen legislation against money laundering and exit so called "greylists". It is expected that an updated legal structure will be in place by June 2015.