Panama launches its Unique Registry of Ultimate Beneficial Owners

The Superintendency of Non-Financial Regulated Entities of Panama presented the operation of the Sole Private Registry System for Ultimate Beneficiaries of Legal Entities. The new system was created to strengthen transparency and show progress in compliance with the action plan to remove Panama from international lists.

The Economic and Finance Minister said that Panama had developed strategies to promote, protect, and defend its service economy from its challenges as part of a globalized and changing world.

The Ultimate Beneficial Owner registration process will be carried out in phases and by invitation to resident agents. The resident agents will be provided with the proper training by the Superintendency of Non-Financial Regulated Entities (SSNF) and the Government Innovation Authority (AIG) to upload the information successfully.

The platform was designed by the Government Innovation Authority in collaboration with the EU AML/CFT Global Facility and the British Embassy.

---

Deadline extended for submission of accounting records to Resident Agents in Panama.

Through Resolution No. 201-2338, the Tax Authority of Panama has extended the deadline to submit the accounting records and supporting documentation (or copies thereof) to their Registered Agents until October 31st, 2022 (instead of April 30th, 2022).

This extension applies to legal entities that do not carry out perfected, consummated operations or take effect within the Republic of Panama and to those exclusively engaged in holding assets within or outside the Panamanian territory.

Likewise, the Resolution informed Registered Agents that they must file the first affidavit at Panama’s Tax Authority no later than December 31st, 2022.