The National Assembly of Panama approved in third debate the bill that creates the Superintendence of Non-Financial Subjects, and now the proposal only awaits the approval of the Executive.

The bill, which was sent by the Executive Branch to be analyzed in extraordinary sessions and which seeks to establish the exclusive competence to regulate and supervise non-financial regulated entities administratively with the aim of preventing money laundering, the financing of terrorism and the proliferation of weapons of mass destruction, has already passed the procedure in the National Assembly.

The new Superintendence will have autonomy with legal personality, its own patrimony and administrative independence, and its structure includes a director, a deputy director and a Board of Directors made up of representatives from the governmental and private sectors.

The Assembly statement explains that “… the approved document regulates the career of public servants in the superintendence of non-financial subjects, as well as the sanctions that will be imposed on those who violate this law.

This entity, as provided in the bill, will coordinate with the Financial Analysis Unit to prevent money laundering, terrorism and the proliferation of weapons of mass destruction.”