PANAMA: BILL TO CRIMINALISE ILLEGAL MONEY TRANSFER BUSINESS

On 19th November, Prensa Latina reported that the Senate in Panama had approved a Bill providing that “whoever conducts money transfer services through unregistered systems, transmission or compensation of funds or by any other means, without being authorized by the competent authority, will be punished with imprisonment from 8 to 15 years”.  Panama has about 16 authorised institutions to carry out the activity; but the article says that complaints about illegal money transfer operations are increasingly recurrent.  It is said that over $450 million in remittances have left Panama so far in 2019, a figure that exceeds the amount received from abroad – with Colombia, Nicaragua, China, the Dominican Republic and US as the main countries receiving money from Panama.

https://www.plenglish.com/index.php?o=rn&id=49075&SEO=panama-reports-capital-flight-due-to-remittances

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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