In order to conform to international standards, Panamanian authorities are considering possible amendments to the Law 42, passed in 2000 on the prevention of money laundering and combating the financing of terrorism.

The authorities intend to begin the discussion now and to finish by the end of the year, in order to have the law ready to be applied in 2012.

An article in Prensa.com points out: "Sectors who must comply with suspicious transaction reports and other provisions, such as the policy of ‘know your customer’ includes casinos, real estate activities, jewelry stores, and money exchanges among others.

The former drug prosecutor Rosendo Miranda acknowledged that Panama is at the forefront of the issue of prevention, but this is an ongoing task that requires joint action by companies and authorities. "

Source: Prensa.com

More on this topic

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.

El Salvador: More Time to Comply With Anti Money Laundering Law

December 2015

The deadline has been extended for compliance with the requirements of the new legislation against money laundering, which includes having a compliance officer in each company.

The Financial Investigation Unit of the Office of El Salvador has approved extending the deadline for companies in different economic sectors to comply with the legislation aimed at preventing money laundering.

Panama: New Institution Against Money Laundering

June 2015

The 16 non-financial economic sectors included in the new law against money laundering will be supervised by a new Administration, which will operate independently of the Financial Regulator.

It has been announced that the new Administration of Supervision and Regulation will be attached to the Ministry of Economy and Finance, from where the person who will lead the new institution will be appointed.

Money Laundering Congress in Panama

August 2011

Authorities from the hemisphere will discuss methods of preventing money laundering in financial institutions.

Experts from Costa Rica, the United States, Colombia and other Latin American countries are participating in the congress organized by the Banking Association and the Commission for the Prevention of Money Laundering, which will run until Friday.