Law 129 of March 17th, 2020, established the Private and Unique Registration System of Beneficial Owners of Legal Entities in Panama, which encompasses the obligation of Resident Agents to register in the platform created for such purposes (the "Platform") information of the beneficial owners for any legal entity, whether a company or private interest foundation to which Resident Agent services are provided in the Republic of Panama.
On July 5th, 2022, Resolution No. S-011-2022 was enacted. It establishes the procedure for the initial registration of the information of legal entities and enables the database where the information of beneficial owners must be kept. Therefore, Icaza, González-Ruiz & Alemán, as Resident Agent, has already started the information upload process required by the aforementioned law, which establishes September 30th, 2022 as the deadline for data uploading.
In order to comply with these regulations, it is important to confirm that the beneficial owners' data that we keep regarding the companies and foundations of our clients is complete and updated.
Therefore, we request your assistance in providing us with the updated beneficial owners' information of the legal entities under your administration.
For your easy reference, the basic information of the beneficial owners requested by the Platform, through the system is:
- Full name,
- Personal identification document number,
- Date of birth,
- Nationality,
- Address,
- Date of becoming a Beneficial Owner of the Panamanian legal entity,
- Main activity of the Panamanian legal entity, and
- Country of activity or operation of the legal entity.
All data in the system will be kept in a confidential, private and cyber-secure environment. The Panamanian Government will strictly control access to the system, and only the competent Panamanian authorities accredited under Law 129 may request information on beneficial owners from the Superintendence of Non-Financial Subjects, provided that a formal request is submitted for specific cases related to the crimes of money laundering, financing of terrorism and weapons of mass destruction, or assistance under international treaties or conventions signed with the Government of Panama.
Non-compliance with the abovementioned obligations may result in sanctions against the Resident Agent. Therefore, if we do not receive the required information before September 30th, 2022, we will have to resign as Resident Agents of those companies or foundations that do not comply with this legal requirement.
If you have any questions or concerns regarding this matter, please contact us at BOFPTY@icazalaw.com.