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.
A proposal has been made in Panama to make public all sanctions to be imposed on entities that violate the law on prevention of money laundering.
The proposal put forward by the National Committee Against Money Laundering, and Financing of Terrorism and the Proliferation of Weapons of Mass Destruction (CNBC), created in 2015 within the framework of the new law on prevention of money laundering, aims to "...
The Financial Regulator of New York has fined the Taiwanese company Mega International Commercial Bank $180 million, citing irregular transactions in its operations between Panama and New York.
The Bank of Taiwanese origin, with global assets worth more than $100 billion, operating in Panama since 1974, violated rules of prevention and control of money laundering when performing certain "suspicious" transactions between the bank in New York and branches in Panama City and the Colon Free Zone.
The amount paid to the Tax Authority corresponds to unpaid taxes, plus penalties and interest.
An article on Lahora.gt reports that the Superintendent of the SAT, Juan Francisco Solorzano, said that "... It is the largest payment made by any entity, in relation to adjustments that had been made or that had been ordered as a result of a judicial process from which it was ruled that there was tax fraud or tax evasion. "
SAP International agreed with the the US National Stock Committee to pay $3.7 million of its profits and $189,000 in interest for bribing panamanian officials.
The penalty relates to the corruption case linked to former company executive, Vicente Eduardo Garcia, who was sentenced to 22 months in prison for bribing Panamanian officials. Garcia paid $145,000 in bribes to the company Advanced Consulting Panama, SA, who won a $14.5 million contract with the Social Security Department which included the sale of software licenses.
For the fifth time since 2013 fines for hiring foreign agricultural workers to harvest coffee and other agricultural products will be suspended.
The government has announced that in January 2016 it will declare a further extension to prevent the collection of fines from companies in the agricultural sector employing foreign labor for the harvesting season.
The Tourism Authority is proposing tougher actions against casual vacation rentals, raising current fines and reducing the time it takes to impose sanctions.
The draft law which aims to create tougher sanctions for those renting homes to tourists will be presented to cabinet ministers in the coming weeks, according to statements made to Prensa.com by Gustavo Him, administrator of the PanamaTourism Authority.
Generadora del Istmo has denounced the political nuance given in the case and the sanction imposed after the government lifted the suspension of the project.
From a statement issued by Genisa:
After the Ministry of Environment (MiAmbiente) maintained a suspension for eight (8) months of construction of the Barro Blanco Hydroelectric Project, it has resolved to lift the suspension, but imposed on Generadora del Istmo, SA (GENISA) and the contractor an unjustified and disproportionate fine. All of this is coupled with the serious economic damage caused to the company and its contractors by the prolonged work stoppage.
The firm currently provides services to individual and corporate clients in Panama as well in the Americas, Europe and Asia. Its partners maintain a commitment with professional ethics and social responsibility by participating in the board of directors of groups such as the Panama Bar Association, the German Chamber of Commerce and the American Chamber of Commerce (AMCHAM) of Panama.
Operates in Panama
Phone: (507) 3406447
More than a Law Firm. Lex Counsel & Co. is a business ally, an integral adviser and a support team for all our client’s needs. We established our firm to offer high quality services both at national and international level, under a renewed professional proposal, endorsed on standards that guarantee options abilities, personal and permanent contact and quality results on every transaction we intervene.
Operates in Panama
Phone: (507) 366 6400 - (507) 366 6401
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
Phone: (506 ) 2256 3807 - (506 ) 8339 1622