Financial Crime World

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Panama Takes Tough Stance on Financial Crimes

The Republic of Panama has updated its criminal legislation to tackle financial crimes head-on, introducing a new chapter in the Criminal Code that outlines various punishable conducts.

New Penalties for Financial Crimes

According to Law No. 45 of June 4, 2003, those found guilty of these crimes can face prison terms ranging from three to ten years.

Possession, Unlawful Use, or Illegal Transfer of Financial Resources

  • Using technological means or fraudulent maneuvers to take control of, misuse, or permit the illegal transfer of financial resources from banking entities, financial corporations, or other institutions that receive or act as intermediaries with public funds.
  • Prison term: three to ten years.

Falsification of Accounting and Financial Information

  • Destroying, hiding, or falsifying financial statements, accounting books, and registries.
  • Prison term for individuals: four to seven years.
  • Prison term for authorized public accountants: five to ten years.

Fraudulent Approval of Credits

  • Directors, officers, managers, administrators, legal representatives, and employees of banking entities or financial corporations who directly or indirectly approve credits or other financing outside of legal regulations.
  • Prison term: four to seven years in prison.

Illegal Exercise of Financial Activities

  • Receiving financial resources from the public without proper authorization.
  • Prison term: three to five years in prison.

Unauthorized Disclosure of Confidential Information

  • Related to securities.
  • Prison term: three to four years in prison.

Addressing Illegal Purchase and Sale of Securities

The new legislation also addresses illegal purchase and sale of securities, including:

  • Making false or deceiving offers
  • Establishing false appearances regarding market activity
  • Manipulating market prices
  • Prison term: variable (dependent on the specific crime)

These strict penalties aim to deter individuals and corporations from engaging in financial crimes that threaten the stability and integrity of Panama’s economy.