On January 31, 2019, La Gaceta Oficial enacted Law 70 criminalizing tax evasion. This reformed the Penal Code and elevated tax evasion to a criminal offense and precedent to money laundering activity
Article 254-A was added which explains that any person who receives, possesses, negotiates, transfers, deposits or converts money, title, or any other financial resource knowing that it comes from a crime against the National Treasury with the purpose of covering up its illicit origin, will be sanctioned with a penalty of 2 to 4 years in prison.
Chapter XII, Crimes against the National Treasury, was also added to combat tax evasion and money laundering. Said chapter punishes those who incur in tax fraud for 300,000 balboas or more in a fiscal period. In case of lower amounts, the tax authority will have jurisdiction.
Read the complete law here:
