Panama: Private and Unique Registry of Final Beneficiaries Panamá: Registro Privado y Único de Beneficiarios Finales

Abstract

The National Assembly approved on 20 February 2020 Draft Law 169 submitted by the Executive Branch establishing a Private and Unique Registry System of Final Beneficiaries in Panama. The purpose of the new norm is to “facilitate access to final beneficiaries of legal persons, collected by lawyers orlaw firms providing resident agent services to assist the competent authority in the prevention of laundering”. It is hoped that with this new registration Panama will be able to improve the results received in international assessments on combating money laundering. The new rule must be sanctioned by the president.