Panama Law 124 of January 7, 2020 establishes the creation of the Superintendence of Non-Financial Subjects. This autonomous entity’s main objective is to regulate and supervise non-financial subjects in relation to the prevention of money laundering, terrorist financing, and the proliferation of weapons of mass destruction.
Non-financial subjects, according to this law, refer to legal entities or individuals engaged in economic activities not directly related to the financial sector but may be exposed to illicit activities. This includes sectors such as real estate, gambling, jewelry, and luxury vehicle traders, among others.
The Superintendence has the authority to impose obligations and regulations on non-financial subjects. This includes implementing anti-money laundering and counter-terrorist financing programs, conducting risk assessments, and continuously monitoring the activities of non-financial subjects.
The law establishes the obligation for non-financial subjects to cooperate with the Superintendence and provide relevant information when required. Furthermore, it promotes coordination and information exchange between the Superintendence and other entities involved in the prevention and detection of illicit activities.
The Superintendence is empowered to impose sanctions and penalties in case of non-compliance with the provisions established by the law. These sanctions may include fines, activity suspension, or license revocation, among other measures.
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Download Panama Law 124 of January 7, 2020 (in spanish):
Panama Law 124 of January 7, 2020
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