On April 27, 2017 Panama passed Law 23 which adopts measures to prevent money laundering, financing of terrorism, proliferation of weapons of mass destruction.
Who does it apply to?
This law applies to financial and non-financial subjects, and all those professionals subject to supervision.
Financial obligated subjects: supervised by the Superintendence of Banks of Panama.
Non-financial obligated subjects: supervised by the Intendancy of Supervision and Regulation of Non-Financial Subjects of the Ministry of Economy and Finance.
Professionals subject to supervision: lawyers, certified public accountants and notaries, when in the exercise of their professional activity they perform on behalf of a client or for a client.
All of these must implement measures that can identify operations related to the crimes sanctioned by this law.
Scenarios where diligence measures should be taken
- Contractual or business relations with customers
- Occasional transactions above the amount established by the supervisory body
- Unusual operations that may be related to money laundering, financing of terrorism, proliferation of weapons of mass destruction
- When in doubt about the customer’s identification data
Contact us for more detailed information, or email us at firstname.lastname@example.org. You can also download the Spanish version of law 23 of 2015, to prevent money laundering, financing of terrorism, proliferation of weapons of mass destruction in Panama: