The Private and Centralized Registry System for Final Beneficiaries of Legal Entities was created by means of the Law 129 of 2020 and has recently been regulated by the Executive Decree Number 13 of 25th March 2022.
Pursuant to Law 129 and Executive Decree 13, all resident agents of Panama legal entities must subscribe to the Final Beneficiary Registry and provide certain information on the final beneficiaries represented by each resident agent.
The information stored will not be accessible to the public and will only be available the Regulator of Non-Financial Agents.
Disclosure of such information will only be available to investigations related to money laundering, financing of terrorism, financing the proliferation of weapons of mass destruction and the compliance with international cooperation treaties signed by the Republic of Panama.
Executive Decree N°13 requires that all resident agents representing Panama legal entities must first register in the Centralized Registry System for Final Beneficiaries. Upon the activation of the system only those attorneys and law offices duly registered will be able to provide the representation services related to a registered agent and must comply with the requirements established by Law and applicable regulations to act as such.
The Registration of Final Beneficiaries must be performed exclusively by the resident agent of the legal entity.
Information required to register a legal entity are:
The Final Beneficiary information to be provided to the Registry is the following:
1-Complete name of the person
2-Passport number or ID
3-Date of Birth
5-Adress of principal place of residence
6-Date from which the beneficiary appears to be the principal beneficiary on company records
For those cases where the Final Beneficiary is another legal entity the beneficiary will be:
The noncompliance of these requirements will carry out the suspension of the legal entity in the Republic of Panama.
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