New "Know Your Customer" Regulations in Panama

Resident agents should require their customer satisfactory evidence of identity or of that of the final beneficiary.

Monday, January 31, 2011

The National Assembly passed Bill 275 in third debate, regulating the information requested by resident agents or lawyers in order to strengthen the fight against money laundering and terrorist financing.

The proposal provides for penalties for firms and attorneys who break the rules by not having all the customer information necessary and at the request of competent authorities investigating illegal activities.

The deputy economy minister, Frank De Lima, said that during the creation of this law, directors from Bar Association (CNA) and the International Bar Association participated.

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.  

Honduras: Supervision of Non-Financial Corporations

April 2017

In May, approval could be given to the regulation of the law that obliges real estate agents, pawn shops and lawyers, among others, to report suspicious operations of more than $10,000.

The socialization process of the regulation of the Law for the regulation of designated non-financial professional activities (APNFD) has already ended, and Congress estimates that next month it could be approved.

Costa Rica: Implications of the Money Laundering Law Reform

April 2017

The amendment to the money laundering law approved in the first debate requires accountants, lawyers and real estate agents 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 first debate by the Legislature on April 21. The new regulation establishes the obligations on professionals engaged in non-financial activities, such as lawyers, accountants, notaries and real estate agents, once the law is fully approved and enacted.

Panama: Changes to Corporate Laws

October 2010

The Ministry of Economy and Finance (MEF) promotes changes to existing corporate laws.

The new rules require resident agents to keep records of beneficiaries of bearer share companies and it also imposes sanctions against not complying.

Prensa.com publishes, "it's something that Panama has to attend to in order to comply with double taxation treaties (DTT).

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Barrantes & Associates is a full service Costa Rica Law firm located in San Jose Costa Rica. We have been in business since 1999. All our Attorneys are English speaking.
Operates in Costa Rica and Panama
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