Endorsement to Final Beneficiary Registry

The Assembly of Panama approved in third debate the draft law that creates the private and unique system of registration of final beneficiaries of legal entities.

Friday, February 21, 2020

Chapter II of the document, on Registration of Resident Agents, stipulates that any lawyer or law firm providing professional services as a resident agent for one or more legal persons, constituted or registered in the country, must register and keep in force their registration with the Superintendency of Non-Financial Subjects, the Legislative Assembly informed.

The statement dated February 20, specifies that the regulations creating the private and unique system of registration of final beneficiaries of legal entities to prevent crimes of organized crime and that it perfects the laws of transparency endorsing the position of Panama to get out of the gray list.

"This legislation, which was objected to by the Executive in five of its articles, was approved in order to facilitate access to the final beneficiaries of legal persons obtained from lawyers or law firms, who provide services as resident agents, to prevent the crimes of money laundering, financing of terrorism and financing of the proliferation of weapons of mass destruction, in accordance with the laws of the Republic of Panama," the document explains.



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