Panama
Banking Legislation
The regulations listed
below are in effect to provide the Republic of Panama against
money laundering and financing of terrorism, which includes both
the public and private sector. They guarantee that Panama
shall continue in this crucial endeavor and fully understands
the importance of international coordination and cooperation.
Law 41 of October 2, 2000, which defines the crime of money
laundering with regard to the predicate offenses: qualified fraud,
illegal arms trafficking of humans, kidnapping, extortion,
embezzlement, corruption of public officers, acts of terrorism,
international theft, trafficking of vehicles and drug trafficking.
Law 42 of October 2,
2000, which establishes as "accountable persons" in the observance
of due diligence for banks, trust companies, currency exchange
offices, money transfer service providers, non-bank loan
companies, savings and loan cooperatives, securities exchanges,
securities clearing houses, securities firms, securities brokers
and investment managers.
Law 45 of June 4,
2003, by which Chapter VII to Title XII of the Second Book of the
Penal Code is added therein under the heading of Financial Crimes,
fraud, illegal money transfers, concealing, deleting and
counterfeiting accounting books and related documents. Disclosure
of classified information, omitting or denying information, price
discrimination, signing of fraudulent agreements, collecting
financial means without proper authorization, among other types of
crimes with their respective sanction.
Executive Decree No.
78 of June 5, 2003, which modifies the name of the Financial
Analysis Unit (FAU) to Financial Analysis Unit for the Prevention
of Money Laundering and the Financing of Terrorism and extends its
duties and responsibilities to assets related to the financing of
terrorism.
Law No. 48 of June 26,
2003, which regulates the operations of money remittance
companies.
Law No. 50 of July 2,
2003, by which Chapter VI, denominated Terrorism, is added to
Title VII of Book II of the Penal Code and sets forth other
provisions, This Law defines the crimes of terrorism and the
financing of terrorism, turning both into autonomous crimes in our
legislation.
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