Obligation to Report Suspicious Transactions

A year after laws were approved to prevent money laundering in Panama there are still companies that have not been registered and will not be able to report suspicious transactions.

Friday, June 24, 2016

The laws passed in April 2015 extended supervision to companies which up until now have been unregulated such as those selling vehicles, and construction companies in free zones, which are required to report suspicious transactions under the new legal framework.  

See: "Panama: Monitoring of Non - Financial Companies"

"...  There are consequences for not reporting. Each regulator can impose fines," said yesterday the Superintendent of Insurance and Reinsurance of Panama, Jose Joaquin Riesen, who acknowledged that, in his sector, there is still work to do. "We are working on awareness of the regulations. We have redoubled efforts in the Superintendency calling on the whole sector, especially insurance brokers, to be trained," he said. Of the approximately 2,800 regulated subjects which are in the insurance sector, only half are registered with the UAF. "
Prensa.com reports that "...Carlamara Sanchez, Intendent of Supervision and Regulation of Non-Financial Subjects, said it is "important that all non-financial subjects fill out a form (called ADSO) to update their data which is used by the UAF to register everyone who is subject to regulation. This form generates a code that will allow the company to report online".

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Panama: Monitoring of Non-Financial Companies

September 2017

Free zone companies, lawyers, real estate companies and car dealers are among those who have time until September 29 to present the information form on their company, under the law to prevent money laundering.

From a statement issued by the Ministry of Economy and Finance:  

Honduras: Supervision of Non-Financial Corporations

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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.

Panama: Monitoring of Non-Financial Companies

September 2016

A process has begun for non-financial companies to register and start to report transactions considered as suspicious under the new law on prevention of money laundering.

From a statement issued by the Ministry of Economy and Finance: 

Panama: Supervision of Nonfinancial Corporations

July 2015

Construction companies, car sales companies and free zone companies are part of the list of entities whose activity will be controlled by the new Administration of Supervision and Regulation of Non-Financial Subjects.

The creation of the Administration for Supervision and Regulation of Non Financial Subjects is one of the requirements which the country must comply with as part of the process to get off the gray list of the Financial Action Task Force (FATF). The new regulator, led by Francisco Bustamante, also oversee the activities of "... pawn shops, casinos, exchange offices, corporations, savings and home loan societies, the National Lottery, companies engaged in marketing metals and precious stones, and security transport companies, among others. "