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Panama approves bill on beneficial owner register


On December 19, the Panama Legislative Assembly approved a bill introducing the Register of Beneficial Owners of Companies (Bill No. 169).

Registration agents will be required to submit information on all legal entities registered by them within 30 business days from the date of registration after the entry into force of the document. A period of 30 business days is also set for updating information. Information in the Register of Beneficiaries will be stored throughout the entire existence of the company and at least five years after its liquidation.

The following information about the beneficiaries of the company will be stored in the Register: Name; an identification number; Date of Birth; nationality; address of residence; The date on which the person became the beneficiary of the company. This information will not be available publicly.

The penalty for registration agents for failure to submit or untimely, or inaccurate submission of information about the beneficial owners of the company may be from 1 thousand 5 thousand US dollars. Penalty for violation of confidentiality of information - 200 thousand US dollars. And the fine for unauthorized access to the Register is 500 thousand US dollars.

The law (Bill No. 169) is currently awaiting signing by the government. After the law enters into force, agents will have 6 months to file information on already registered companies in the register.

The introduction of the registry aims to assist the competent authorities in preventing money laundering, terrorist financing and the proliferation of mass weapons.


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