LatinNews Regional Monitor: Caribbean & Central America - 30 January 2019

* Panama’s 71-member unicameral legislature has approved a new law (Ley 591) which makes tax evasion a crime – long a demand by international organisations like the Organization for Economic Cooperation and Development (OECD), its Financial Action Task Force (FATF) and Latin American countries.  Considered key to preventing Panama from being blacklisted as a nation that does not cooperate in the fight against money laundering, the new law sanctions those found guilty of tax fraud to the tune of US$300,000 or more in a fiscal period with up to five years in prison.

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