A bill will be presented to the Congress of the Republic of Guatemala to require public accountants, auditors, lawyers and notaries to report their transactions.
The bill seeking to broaden the scope of regulated persons’ subject to money laundering control, which will be presented by the Superintendence of Banks (SIB), is aimed primarily at professionals as individuals, but will also include real estate companies, vehicle agencies and casinos.
The law firm that was involved in the "Panama Papers" scandal has announced the closure of its operations.
"...Reputational deterioration, the media campaign, the financial encirclement and the irregular actions of some Panamanian authorities, have caused irreparable damage, whose obligatory consequence is the total cessation of operations to the public at the end of this month after 40 years of growth and contributing socially, culturally and economically to our country."
Starting from March 1, law firms, notaries and legal advisors, as well as other professionals and legal services must be ready to use the new electronic receipt system.
"...Representatives from the Costa Rican Association of Public Accountants, suppliers and the business association GS-1 point out that the system's initial difficulties have been overcome.However they still advise that both the taxpayers in the legal sector and those who need to start using the electronic invoice in April and May, should prepare themselves in order to avoid inconveniences due to the saturation that occurs at the moment of registering in the Virtual Tax Administration system (ATV)."
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.
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.
Experts will be meeting in Panama City from 16th to 18th of March to discuss issues and progresses related to arbitration procedures in Latin America and the world.
From a statement issued by the Chamber of Commerce, Industries and Agriculture of Panama:
Panama, February 29, 2016. Panama will host the Conference of the International Court of Arbitration of the International Chamber of Commerce (ICC PANARB 2016) and the third version of the Biennial Conference of the Latin American Arbitration Association (ALARB 2016), which will run from 16 to 18 March, with the aim of highlighting the main progresses and developments in arbitration in Latin America and the world, in order to ensure greater awareness of costs in arbitration proceedings.
In answering whether Costa Rica should compensate Industrias Infinito in the Crucitas mine case, the minister in charge of the issue said, "they shouldn't be paid or it should be minimal. "
EDITORIAL
In an article in Prensalibre.cr the Minister of Environment and Energy René Castro answered the question by saying "We believe that Costa Rica should not give any compensation to Industrias Infinito because there was never actually a concession."
The litigant must bear the costs of the judicial process when they posses a monthly income over $500 or own property registered in the Public Registry.
An article by Alvaro Santana in Martesfinanciero.com reports that "In Panama, the administration of justice is free and there are no fees or taxes" with attorney's fees, making up about 80% of the costs of litigation.
The Ministry of Economy is searching for legal professionals to continue the arbitration process requested by Ferrovías.
On July 7 the country must present its statement to the International Centre for Settlement of Investment Disputes (ICSID), but in the absence of professionals to take on the case, it has requested an extension.
"'We are looking for a favorable proposal in accordance with the interests of the state, for this reason we are evaluating a group of lawyers who wish to continue with the case which was being handled by the firm Arnold & Porter LLP’ said Velasquez.