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from the office of Mayra Lamboglia


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Panama passed a new law (Law No. 254 November 11th 2021), for prevention of money laundering, accounting records for legal persons and registration of final beneficiaries of legal persons. If you have a legal entity (corporation/foundation), this translates in new implications for you and the resident agent.
What are the key points of the new law?
A. As of April 30th, you will be required to supply the resident agent with the accounting records or a duplicate of the accounting records for the fiscal period that concluded on December 31 of the previous year.
B. The resident agent's requirement to register all the ultimate beneficiaries of legal companies in a private platform under the supervision of the Panamanian Superintendence of Non-Financial Subjects.
C. Verification of the client's economic activity, i.e., requesting paperwork that supports or confirms the client's economic activity.
Contact your resident agent and complete the necessary steps before the deadline.
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