Cybercrime on the Rise in Panama: Experts Warn of Lax Laws

PANAMA CITY - As cybercrime continues to plague financial institutions around the world, Panama is facing a growing threat with lax laws and inadequate regulations leaving its banks and financial systems vulnerable.

The Current State of Cybercrime Laws in Panama

The country’s current Criminal Code, which dates back to 2010, does not have an independent law to investigate, prosecute, and punish cybercrime. The legal framework for dealing with cybercrime is mainly contained in the Criminal Code, which only partially addresses the issue.

A Draft Cybercrime Bill: What It Means

A draft Cybercrime Bill prepared with assistance from the Council of Europe’s (CoE) includes provisions to criminalize conducts and crimes committed through information technologies under the Budapest Convention. However, this bill remains pending approval by the National Assembly of Panama.

The Risks of Lax Laws

Experts warn that the lack of clear regulations is allowing cybercriminals to operate with impunity, putting financial institutions at risk. “The absence of a comprehensive law on cybercrime in Panama is creating a haven for hackers and scammers,” said Juan Carlos Sanchez, a cybersecurity expert.

According to the Criminal Code, offenses related to the use of information and communication technologies include:

Seizing or improperly reporting content
Removing, destroying, concealing, misleading, intercepting, or blocking electronic communications
Publicly disclosing correspondence, recording, or private documents without authorization
Interception of telecommunications or using technical devices for listening, transmitting, recording, or reproducing conversations
Facilitating, instigating, recruiting, or organizing sexual exploitation of children or persons with disabilities
Manufacturing, producing, offering, trading, publishing, broadcasting, or distributing pornographic material via the Internet
Possession of pornographic material pertaining to children
Using, consenting, or allowing children to engage in acts of indecent exposure or pornography

Protecting Human Rights and Safeguards

The protection of human rights and safeguards contained in the legislation of the Republic of Panama include:

Due judicial process
Double jeopardy prohibition
Right to defense
Right to freedom of movement and personal security
Judicial control of the breaching of fundamental rights
Right to privacy of the body, property, and communications of individuals
Respect for human rights in criminal proceedings
Right not to incriminate oneself
Procedural equality of the parties
Rights of victims, complainants, and collaborators

The Road Ahead

The government has announced plans to update its cybercrime laws and regulations, but experts say that more needs to be done to protect financial institutions and citizens from cyber threats. “Panama must take a proactive approach to combating cybercrime and updating its laws to ensure the protection of its citizens and financial institutions,” said Sanchez.

As the situation continues to evolve, financial institutions in Panama are urged to remain vigilant and take steps to protect themselves against cyber threats.