In order to conform to international standards, Panamanian authorities are considering possible amendments to the Law 42, passed in 2000 on the prevention of money laundering and combating the financing of terrorism.
The authorities intend to begin the discussion now and to finish by the end of the year, in order to have the law ready to be applied in 2012.
An article in Prensa.com points out: "Sectors who must comply with suspicious transaction reports and other provisions, such as the policy of ‘know your customer’ includes casinos, real estate activities, jewelry stores, and money exchanges among others.
The former drug prosecutor Rosendo Miranda acknowledged that Panama is at the forefront of the issue of prevention, but this is an ongoing task that requires joint action by companies and authorities. "
Source: Prensa.com
More on this topic
August 2011
Authorities from the hemisphere will discuss methods of preventing money laundering in financial institutions.
Experts from Costa Rica, the United States, Colombia and other Latin American countries are participating in the congress organized by the Banking Association and the Commission for the Prevention of Money Laundering, which will run until Friday.
May 2010
It will coordinate actions against money and asset laundering related to tax evasion, drug trafficking, corruption and extortion.
The Presidential Commission against Money Laundering and Terrorism Financing will be composed of the Vice President, the Chancellor, the Minister of Interior, the Presidency’s Strategic Intelligence Unit, the Superintendence of Tax Administration (SAT) and the Superintendence of Banks (SIB).
July 2010
Companies dealing in jewelry will have to report cash sales for amounts greater than $10,000.
The Special Verifications Unit of the Guatemalan Banking Regulator will receive reports from 76 jewelers, in accordance with the country's terrorism financing law.
For their part, Sigloxxi.com reports that representatives of the jewelry sector are unhappy about reporting their purchases, whether made in cash or by any other means.
August 2009
The congress will analyze creating new controls and improving existing ones to prevent money laundering.
Experts from Argentina, Mexico, Venezuela, Guatemala, U.S., Dominican Republic, Colombia and Panama will be present at the activity, to be held from August 26 to 28.
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