Regulatory Alerts2000-10-02
Law 41 of October 2, 2000, Adding Chapter VI on Money Laundering to Title XII and Title XIII to Book II of the Penal Code
The Legislative Assembly of Panama enacted Law 41 to amend the Penal Code by establishing a comprehensive Chapter VI on Money Laundering and adding Final Provisions to Title XIII. The law defines money laundering offenses, increases penalties for public officials involved in financial crimes, and mandates that confiscated assets from money laundering be transferred to the Special Fund for Retirees and Pensioners (FEJUPEN). Additionally, it updates procedural rules for asset forfeiture and modifies existing laws regarding debt compensation and judicial processes.
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