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Panama ministers submit three proposed anti-money-laundering bills

Regulation

Source: Junta de Control de Juegos (Panama)

Panama’s ministers of finance and public security presented three draft bills to the National Assembly to strengthen the country’s anti-money-laundering framework. The proposals address international transparency and due diligence, undeclared cash and negotiable instruments exceeding B/.10,000, and the forfeiture of illicit assets.

The proposals could affect compliance obligations for non-financial businesses if the National Assembly adopts them.

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Regulation

Panama’s SSNF formalises anti-money-laundering guidance for supervised professionals

Panama’s Superintendency of Non-Financial Subjects formalised an agreement setting anti-money-laundering and counter-terrorist-financing guidance for supervised professionals. The agreement clarifies obligations for lawyers and accountants acting as resident agents, including risk assessment, mitigation, understanding clients’ businesses and establishing their financial and transactional profiles, the Ministry of Economy and Finance said.

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