The Commission of Government, Justice and Constitutional Affairs of the National Assembly, approved in the first debate the law project 591, which considers tax evasion as a crime.

Regarding the law under discussion, last week the business sector requested that the amount defrauded to be considered a criminal offense be increased from $300,000 to $500,000, however, the amount remained at $300,000 as originally proposed.

See "Controversial Request to Reduce Penalties for Tax Evasion"

Regarding what was approved, Prensa.com reports that "... To introduce tax evasion as a precedent offence of money laundering, a new article of the Criminal Code was approved (Article 254-A), which establishes a penalty of two to four years. In addition, this general type indicates that anyone who reasonably presumes that the money handled is of illicit origin will be punished. In the case of evasion, the new article states that whoever handles the money "knowing that it is the result of crimes against the National Treasury" will be punished."

In the case of money laundering, the article adds that "... To have money laundering, there must be a previous offence from which the illegally obtained money originates. The current Criminal Code establishes that if the illicit money originates from corruption, drug trafficking, terrorism, human trafficking and a long list of illegal activities, the penalty is 5 to 12 years in prison."

Source: Prensa.com

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More on this topic

Panama: Strengthen Penalties Against Evaders

January 2019

The law that criminalizes tax evasion was approved by the National Assembly when the amount defrauded in a fiscal period of one year is equal to or greater than $300.000.

With a majority vote, Project 591, which criminalizes tax evasion in the Criminal Code and is considered a crime resulting from money laundering, was approved in the third debate, informed the Legislative Assembly.

Pressure to Approve Tax Evasion Law

January 2019

The Panamanian government assures that if the law that criminalizes tax evasion is not approved, the country will be exposed to enter the FATF grey list again in 2019.

From the Ministry of Economy and Finance press release:

The Ministry of Economy and Finance considers that it is necessary for Panama that the National Assembly approve the law that increases tax evasion to a criminal offence and as a precedent for money laundering.

Controversial Request to Reduce Penalties for Tax Evasion

October 2018

During the discussion of a tax evasion law project, the Panamanian business sector requests that the amount defrauded to be considered a legal crime be increased from $300,000 to $500,000.

Regarding the request made by the Chamber of Commerce, Industry and Agriculture of Panama, the Ministry of Economy and Finance (MEF) explained that "...

Project to Penalize Tax Evasion Moves Forward

December 2017

In Panama, the Cabinet Council has approved a bill that converts tax evasion of more than $300 thousand into a felony punishable by up to 2 to 5 years and fines of up to 10 times the amount defrauded.

From a statement issued by the Presidency of Panama: