PANAMA

On January 8, Panamanian President Laurentino Cortizo enacted Law 124 of 2020, creating the Superintendency of Non-Financial Subjects, which is now in force. The regulation elevates the Intendancy of Non-Financial Subjects to the rank of Superintendency, bringing Panama’s regulatory standards into line with international norms. One of the entities regulated includes the postal service. The National Customs Authority (ANA, for its acronym in Spanish) also published a resolution introducing changes to the use of virtual customs seals, already in force.

The law raising the Intendancy for Supervision and Regulation of Non-Financial Subjects to the level of Superintendency aims to broaden the regulatory and supervisory scope of non-banking businesses to bolster the drive to tackle money laundering. In addition, the new entity will have autonomy, its own assets and administrative independence, and its structure provides for a Board of Directors composed of government and private sector representatives. Among other faculties, the Board of Directors may also recommend regulations to prevent money laundering. The body will work in coordination with the Financial Analysis Unit.

The Board of Directors will be composed of five members, headed up by the Minister of Economy and Finance or a representative he designates, as well as a representative from the Ministry of Commerce and Industry, a member from the Financial Coordination Council and two representatives of the private sector, one proposed by the National Council of Private Enterprise (Conep, for its acronym in Spanish) and the other by the Chamber of Commerce and Industry. President Cortizo will appoint the Superintendent and the Deputy Superintendent.

The ANA also published a resolution of interest in the Official Gazette of Panama which authorizes a new series of virtual customs seals for the transfer of non-national goods. The new resolution complements ANA Resolution 488 of 2018 which established the creation of a system of virtual seals, in the absence of physical seals. Given the need for new numbers, the new norm incorporates a new series ranging from 6,311,002 to 6,351,001.