Panama: Tax Evasion is Not Money LaunderingDespite being a FATF recommendation, reforms to the law on prevention of money laundering being prepared by the government will not include the definition of tax evasion as a criminal offense.Friday, March 6, 2015
The latest update to the standard recommendations of the Financial Action Task Force (FATF) was carried out in 2012 and considers "... Tax evasion as one of the origins of the crime of money laundering. " In other countries, if tax evasion exceeds a determined amount it is considered a criminal offense, while in Panama it is only punishable with administrative penalties. Considering it as an offense preceding money laundering is not part of the action plan that Panama is preparing in order to get the country removed from the "gray list". Source: Prensa.com ¿Busca soluciones de inteligencia comercial para su empresa?Costa Rica: The New Law Against Money LaunderingMay 2017 Once enacted, the newly approved law will force accountants, lawyers, realtors, and other professionals to report suspicious transactions made by their clients. Latin American Gafi Supports PanamaApril 2016 Amid the controversy generated by the Panama Papers, the Financial Action Task Force in Latin America has recognized the efforts made by the country in issues of transparency. Panama: Another Step Towards Getting Off the Gray ListSeptember 2015 The government says it has completed the action plan agreed with FATF and requested they visit the country to check for compliance, in order to speed up the process to leave the list of countries considered as tax havens.
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.
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