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.  

With the approval of the law, some of the requirements of the Financial Action Task Force (FATF) are fulfilled to keep the country off the list of non-cooperating countries in tax matters. 

The new law, once it enters into force, will introduce measures against money laundering and terrorist financing to DNFBPs, which must be effectively regulated, monitored and supervised in order to meet the FATF 's minimum requirements. Among the DNFBPs are: casinos, real estate agents, metal and precious stone dealers, lawyers, notaries, accountants and other independent professionals who are considered vulnerable and may be involved in a money laundering operation because of the type of activity they perform when transacting high value goods, which could be acquired with cash which is a proceed of illicit activities.

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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: 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.