During the discussion of a tax evasion law project, the Panamanian business sector requests that the amount defrauded to be considered a legal crime be increased from $300,000 to $500,000.

Regarding the request made by the Chamber of Commerce, Industry and Agriculture of Panama, the Ministry of Economy and Finance (MEF) explained that “… There are points that the guilds would like to modify, which would undermine the law project so far that its objective would be lost. Panama needs a solid proposal. To request that the amount of fraud be raised to 500,000 balboas does not demonstrate seriousness in combating money laundering.”

From the MEF statement:

October 22, 2018. The Ministry of Economy and Finance (MEF) proposes that, in the absence of agreements on Laws 591 and 692, the efforts made by the Government and the private sector to seek a solid document should be considered.

Eyda Varela de Chinchilla, head of the MEF, said that “There are a few differences of opinion between what the guilds expect, but we believe that the law that seeks to criminalize tax evasion, promotes transparency which is key to raising our institutional payment of taxes to the state. It also constitutes a commitment or debt of Panama to the international community.”

The improperly named Panama Papers contained many cases considered fiscal crimes in other jurisdictions, which used our legal structures, where money laundering is not a crime, which impedes the judicial cooperation of the Public Ministry with the country requesting the collaboration.

Read full statement (In Spanish).