Executive Decree No. 363 of August 13, 2015, of Panama, regulates Law No. 23 of April 27, 2015, which adopts measures to prevent money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction, and establishes other provisions.
Specifically, the decree establishes the due diligence measures that must be applied by obligated subjects, which are natural or legal persons who carry out economic or professional activities that can be used for money laundering, terrorist financing, or the financing of the proliferation of weapons of mass destruction.
Due diligence measures include customer identification, obtaining information about the origin of funds, and conducting risk analysis.
The decree also establishes the obligations of obligated subjects in relation to the preservation of information, the reporting of suspicious transactions, and cooperation with the competent authorities.
Additional details on the due diligence measures that obliged parties must apply:
- Customer identification
- Obtaining information on the source of funds
- Performing risk assessments
The decree also establishes the following obligations for obliged parties:
- Information retention
- Reporting suspicious transactions
- Cooperation with the competent authorities
In summary, Executive Decree No. 363 of Panama aims to be an important instrument for combating money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction. The decree establishes strict due diligence measures that must be applied by obliged parties to prevent their activity from being used for illicit purposes.
Contact us
If you are interested in obtaining more information about the Decree, or if you need advice on how to comply with the due diligence measures established in the decree, you can contact Kraemer & Kraemer.
Download Executive Decree No. 363 (in spanish):
