Wednesday, October 28, 2020

Panama’s Gov’t Pushes For Adoption Of Key Tax Evasion Bill


Panama’s Economy and Finance Ministry has urged lawmakers to approve a bill that would make tax evasion a predicate offence for money laundering.

The Ministry noted that, if Panama fails to adopt the legislation, the country may be placed on the grey list of the anti-money laundering standards setter, the Financial Action Task Force.

The Ministry noted that the Financial Action Task Force of Latin America (GAFILAT), after a recent review, reported progress made by Panama in closing gaps in its compliance with the FATF recommendations in respect of four recommendations. However, the review highlighted as a deficiency that fiscal crimes are not classified as predicate offenses to money laundering, the Ministry said, noting the concern is that, without the legislation, Panama will attract tax evasion assets from offenses committed abroad.

The Ministry said: “The seriousness of the fact that Bill No. 591 is not approved is that the country will have to face the real possibility of being included in the FATF Gray List in 2019. This is the deficiency that still remains unaddressed […].”

- Advertisement -

“The Ministry of Economy and Finance has informed the National Assembly about the adverse effects that the country would suffer by not giving priority to the discussion of this project that was presented to this body in January 2018,” it concluded.

- Advertisement -
- Advertisement -


Beam Suntory Inc. fined $19.6 million in foreign bribery case

Beam Suntory Inc. (Beam), a Chicago-based company that produces and sells distilled beverages, has agreed to pay a criminal monetary penalty of $19,572,885 to...

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World


Latest News

This Week

Guatemala seeks arrest of ex-minister linked to a $16m cash discovery

Guatemalan prosecutors are seeking the arrest of the former communications minister for ex-President Jimmy Morales on money laundering charges after finding a connection to...

Bribery trial of former San Angelo police chief Tim Vasquez delayed until 2021

The trial of former San Angelo police chief Tim Vasquez will not happen until 2021, according to court documents. The trial, originally set for...

Mozambique seeks prosecution of ex-Credit Suisse bankers implicated in debt scandal

Mozambique's Attorney General's Office said on Wednesday it will seek the extradition of three former Credit Suisse CSGN.S bankers implicated in a $2 billion debt scandal...

Actress Felicity Huffman complete full sentence for role in college admissions scam

Felicity Huffman has completed her full sentence for her involvement in the college admissions scandal. As of Sunday, she has finished her sentence, which included jail...

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks