Financial Crime World

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Cybercrime on the Rise in Panama: Legal Framework Fails to Keep Pace

Panama’s lack of an independent law to investigate, prosecute, and punish cybercrime has left the country vulnerable to financial crimes. The current legal framework relies heavily on the Criminal Code of 26 April 2010, which fails to provide adequate provisions for addressing the increasing threats posed by cybercriminals.

Background

Despite efforts to address the issue, a draft Cybercrime Bill 2017 remains pending approval from the National Assembly of the Republic of Panama. This bill was prepared with assistance from the Council of Europe (CoE) and aims to criminalize conducts and crimes committed through information technologies under the substantive provisions of the Budapest Convention.

The existing Criminal Code contains several offenses related to the use of information and communication technologies, including:

  • Seizing or improperly reporting content of a letter, email, statement, or telefax
  • Removing, destroying, concealing, misleading, intercepting, or blocking a letter, statement, or telefax
  • Publicly disclosing correspondence, recording, or private documents and personal information without authorization
  • Interception of telecommunications or use of technical devices for listening, transmitting, recording, or reproducing conversations
  • Facilitating sexual exploitation of children or persons with disabilities

Procedural Issues

However, the Judicial Code of Criminal Procedure does not address specific procedural powers required by the Budapest Convention, except for limited implementation of search/seizure and interception provisions.

Human Rights Concerns

In addition to these legal issues, Panama’s protection of human rights and safeguards is also a concern. The legislation provides for:

  • Due judicial process
  • Double jeopardy prohibition
  • Right to defense
  • Right to freedom of movement and personal security
  • Respect for human rights in criminal proceedings, among others

Implications for the Financial Sector

The lack of an effective legal framework to combat cybercrime has significant implications for Panama’s financial sector, leaving it vulnerable to:

  • Fraud
  • Identity theft
  • Other forms of financial exploitation

It is crucial that the country takes steps to address this issue and establish a robust legal framework to protect its citizens and businesses from the growing threat of cybercrime.