Money Laundering Lawyers, Panama
Money Laundering lawyers Panama
Are you involved in the Crime of Money Laundering? Want to prevent any practice related to the Crime of Money Laundering?
Our Panama Money Laundering Lawyers advise and defend organizations, business conglomerates, financial institutions, state entities, entrepreneurs and public servants of the crime of money laundering, under international law and laws in Panama. In José María Castillo y Asociados frequently advise people who are investigated for the crime of money laundering.
Remember that it is important that a lawyer specialized in the Crime of Money Laundering assists and defends you from the first moment. Our services can be given through a preventive advice or representation in an extrajudicial declaration, administrative diligence or a criminal process according to your needs.
What is Money Laundering?
Money laundering is the fraudulent process by which large amounts of money generated by criminal activity, such as drug trafficking, crimes against public administration or the financing of terrorism are disguised and made to appear that comes from a legitimate source. The money from criminal activity is considered dirty and the process “wash it” to make it look clean, hence the term money laundering is synonymous with” money laundering”.
Our money laundering lawyers at José María Castillo y Asociados have the detailed and specific knowledge and skills necessary to successfully defend individuals accused of money laundering in Panama.
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Main Rules governing the Crime of Misappropriation in Panama.
The Criminal Code in Panama contains different articles that deal with the crime of Money Laundering, in Chapter IV, including Article 254 which states:
“Whoever, personally or through an intermediary receives, deposits, transfers or convert money, securities, goods or other financial resources, reasonably foreseeing that they come from activities related to international bribery, crimes against Copyright and related Rights Crimes against Industrial Property Rights, Illicit Trafficking of Migrants, Human Trafficking, Organ Trafficking, crimes against the Environment, crimes of Commercial Sexual Exploitation, crimes against Legal Personality of the State…. With the purpose of concealing, uncovering or disguising its illicit origin, or helps to evade the legal consequences of such punishable acts shall be punished with 5 to 12 years of imprisonment”
Similarly, Law 23 of April 27, 2015 adopts measures to prevent money laundering and dictates other provisions subsequently amended by Law 21 of 2017. Also, Law 70 of 2019 by which the Criminal Code and Law 23 of 2015.
Decree Number 363 of August 13, 2015 and Executive Decree Number 587 of August 4, 2015.
The Recommendations of the GAFI-FATF (International Financial Action Group -G7, by its acronym in Spanish): are the international standards – globally supported by both GAFI-FATF member countries and regional bodies such as GAFILAT – to combat money laundering and terrorist financing.
The first 40 recommendations increase transparency and enable countries to act for the proper use of its economic system.
Frequently asked questions
What are the elements of Money Laundering Crime?
- A crime previously committed.
- The unlawful obtaining of a benefit from the crime committed.
- An action aimed at concealing property or money resulting from the crime previously committed.
What are the most common operations used for money laundering?
- The flow of deposits, withdrawals and fund transfers.
- Investment of assets.
- The acquisition of goods.
- The financing of businesses.
- Artificial loans.
- The constitution of front companies.
- The commercial structure cover.
- The double accounting.
- The actions of front man.
What are the main institutions responsible for the prevention and sanctioning of Money Laundering in Panama?
- The Superintendency of Banks of Panama.
- The Intendency of Supervision and Regulation of Non-Financial Entities.
- The Financial Analysis Unit (UAF, by its acronym in Spanish).
- The Public Ministry.
- The Superintendency of the Securities Market.
- The Superintendency of Insurance and Reinsurance of Panama.
- The Panamanian Autonomous Cooperative Institute.
What has been Panama’s progress in preventing Money Laundering crime?
Since 2015 Panama has made great progress in complying with international money laundering standards by implementing a legal framework and controls throughout its territory, however in 2019 it was again placed on the “gray list”. In this editorial you can learn a more in-depth analysis.
Our specialized lawyers in money laundering in Panama have extensive experience in defending clients who are under investigation or charged with money laundering crime or economic crimes. Consequently, our in-depth knowledge of litigation allows us to give advice that is not only theoretically correct but that contemplates all the practical obstacles that clients face in everyday business or criminal proceedings.
Through our work we have successfully obtained the dismissal of money laundering charges and the return of the assets seized as part of the investigations with the respective restoration of rights. We have also advised clients to take proactive measures that have prevented potentially costly litigation.