PANAMA |
Law against tax evasion approved. Panama’s 71-member unicameral legislature approved a new law (Ley 591) this week making tax evasion a criminal offence – long a demand by international organisations like the Organization for Economic Cooperation and Development (OECD), the Financial Action Task Force (FATF), and Latin American countries. Considered key to preventing Panama from being blacklisted for failing to 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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