Monday, December 6

Executive sanctions Law on international fiscal transparency to comply with OECD and Gafi


The President of the Republic, Laurentino Cortizo Cohen, sanctioned the Law that introduces adjustments to Panamanian legislation on international tax transparency and the prevention of money laundering, the financing of terrorism and the financing of the proliferation of weapons of mass destruction.

Together with President Cortizo Cohen, the Law was signed by the Minister of Economy and Finance, Héctor Alexander, who was the proponent of this initiative before the National Assembly.

This Law seeks to adjust legal regulations to international standards that improve the country’s qualification in terms of international tax transparency before the Global Forum of the Organization for Economic Cooperation and Development (OECD).

Similarly, elements of the Action Plan of the Financial Action Task Force (FATF), in order to prevent Panama from being included in discriminatory lists.

The new Law consists of 48 articles and modifies five laws: Law 23 of April 27, 2015, “which adopts measures to prevent money laundering, the financing of terrorism and the financing of the proliferation of weapons of mass destruction and dictates other provisions ”; Law 51 of October 27, 2016, “which establishes the regulatory framework for the implementation of information exchange for tax purposes and dictates other provisions ”.

It also modifies Law 52 of October 27, 2016, “which andestablishes the obligation to maintain our accounting records for certain legal entities and dictates other provisions ”; Law 124 of January 7, 2020, “which creates the Superintendency of Non-Financial Subjects and dictates other provisions”; and Law 129 of March 17, 2020, “which creates andl Private and Unique System for the Registry of Final Beneficiaries of Legal Persons ”.

Also, this new Law repealed Law 2 of February 1, 2011, “which regulates the measures to know the client for resident agents of existing legal entities in accordance with the laws of the Republic of Panama ”.

With these changes, it is also intended create the conditions for transparent international transactions in the world and be able to attract foreign investment.

This bill 624 was approved in the third debate in the National Assembly on October 26 of this year and was sent to the Executive Branch, which today sanctions it, so that, once published in the Official Gazette, it becomes the Law of the Republic.

The signing of the document took place in the Yellow Room of the Presidency of the Republic, in the presence of theThe students who participate in the National Speech Contest, who were witnesses of honor of the sanction of the Law by the Executive.



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