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.
The government is warning that if the agreement on Mutual Administrative Assistance in Tax Matters is not ratified, the country is at risk of being included in the lists of non-cooperating countries.
The Guatemalan Ministry of Finance describes as "indispensable" the ratification by legislative of the Convention on Mutual Administrative Assistance in Tax Matters adopted by the Council of Europe and member countries of the Organization for Economic Co-operation and Development (OECD)
The US Bureau of Foreign Assets has extended once again, this time until June 16, the license which allows Soho Mall Panama to keep looking for a potential buyer for the mall.
With the extension of the license, this time for 50 more days, once again a signal has been sent that a buyer has not yet been found for the mall, whose assets were put into a trust last December.
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.
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.
A law has come into force which requires banks to register as atypical all transactions of more than $4 thousand that are realized in cash.
The decree by the Central Bank which comes into effect from April establishes new requirements for banks when dealing with transactions made both in domestic and foreign currency, as well as cash or through other means.
Davivienda must repay $451,000 to 200 customers and pay a fine of $453,000 after having charged fees for advance payments on credits.
From a statement issued by the Consumer Protection Authority:
The Consumer Protection Authority wishes to inform citizens that, after at the culmination of a due process, the sentencing court has issued a resolution determining that the bank Davivienda must reimburse 203 consumers the sum of $451,357.78, and pay a fine of $453,099.60, due to violations of the Consumer Protection Act, upon collection of fees or charges for advance payments on credit.
The US Bureau of Foreign Assets has extended once again, this time until April 28, the license which allows Soho Mall Panama to keep looking for a potential buyer for the mall.
The new extension is a sign that the process of selling the mall has not yet been completed, a process for which a trust was created in December last year to which the assets of the company owned by Waked were transferred.To be sold, the buyer of mall must prove that it does not have any links with the Waked companies.
The housing market, casinos, concert halls, and the livestock sector are all used to launder money in Central American countries.
Excerpted from the report "International Narcotics Control Strategy Report, Volume II, Money Laundering and Financial Crimes" by the US State Department:
Costa Rica Transnational criminal organizations continue to favor Costa Rica as a base to commit financial crimes due to its location and limited enforcement capability. Costa Rica’s government has attempted to strengthen the legal framework for supervision and enforcement; however, challenges remain in mitigating money laundering risks. Costa Rica is a transit point that is also increasingly used as an operations base for narcotics trafficking; and significant laundering of proceeds from illicit activities continues. Costa Rica should continue to close financial crimes legislative gaps and allocate resources for investigation and prosecution.
Four companies are being investigated for possibly having coordinated to manipulate prices in tenders in the dairy drinks market and to have divided up the market by geographical area.
The companies that are being investigated by the Authority for Consumer Protection and Defense of Competition (Acodeco) are Productos Nevada S. de R.L.; Global Products and Logistic Services, Inc .; Industrias lácteas, S.A; Food and Sociedad de Alimentos de Primera, S.A.
A law has entered into force which facilitates access to individuals and companies' bank information with a court order at the request of tax authorities.
Francisco Solorzano, chief of the Superintendency of Tax Administration (SAT), noted that"... 'this tool will only be used when there is reasonable doubt about the results of the processes or execution of plans and mass selective control'."
The Convention on Mutual Tax Assistance approved by the Assembly increases, from 30 to 107, the number of partner jurisdictions or nations with whom Panama can exchange information.
From a statement issued by the Ministry of Economy and Finance:
With Panama's accession to the Convention on Mutual Administrative Assistance in Tax Matters (MAC), the country has increased the number of partner jurisdictions or nations with which it can perform an exchange of information from 30 to 107.This measures reiterates the commitment to international standards of fiscal transparency, which is essential for protecting the integrity of the country as a service center.
The Superintendency of Banks has taken over administrative and operational control of FPB BANK, after it was linked to the corruption case in Brazil known as "Lava Jato" ('Operation Car Wash' in English).
From a statement issued by the Superintendent of Banks:
Through Resolution SBP-0022-2017 issued by the Superintendency of Banks of Panama, orders have been given for the seizure of administrative and operational control of FPB BANK, INC., effective from three thirty meridian time (3:30 pm) on Friday, tenth (10) February this year, based on the provisions of Article 131 of the Banking Law.
An extension has once again been granted, this time until April 7, for the bank and brokerage firm to have access to the US financial market and be able to complete the process of its reorganization and sale.
Wednesday February 1, OFAC extends licenses for Balboa and Balboa Bank & Trust Securities, until April 7, 2017.The licenses were due to expire on Friday 3 February.
In February a law comes into force authorizing the lifting of bank secrecy of companies and individuals with a court order at the request of tax authorities.
Banks are preparing for the entry into force of legislation in February, modifying their processes in order to respond more quickly to requests from the Superintendency of Tax Administration (SAT).