The National Assembly passed Bill 275 in third debate, regulating the information requested by resident agents or lawyers in order to strengthen the fight against money laundering and terrorist financing.

The proposal provides for penalties for firms and attorneys who break the rules by not having all the customer information necessary and at the request of competent authorities investigating illegal activities.

The deputy economy minister, Frank De Lima, said that during the creation of this law, directors from Bar Association (CNA) and the International Bar Association participated.

Source: Asamblea Nacional de Panamá

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