PANAMA: FATCA and Automatic Exchange of Information.

  • Lais Ortiz

On May 8th, 2024, the Official Gazette of Panama published Resolution No. 201-2572 containing the Registration, User Change, and Entities’ Deactivation Process concerning FATCA and Automatic Exchange of Information (“AOI”) Portal.

Financial Institutions that after establishing their internal policies, processes, procedures and control structures identify that there are reportable accounts in line with Laws No. 47, No. 51 both of 2016, and Executive Decree No. 147 of 2017, must register before the FATCA & AOI Portal. If no reportable account is identified, they must also register to file the corresponding affidavit stating so.

Reporting entities that adopted the necessary measures to guarantee the country-by-country report implementation and filing as well as any other obligations stated by the aforementioned regulations must also register before this portal.

On the other hand, financial institutions that lost their condition of Panamanian financial institution subject to the reporting obligation, or that its dissolution or re-domiciliation was duly registered before the applicable Regulatory Authorities, must request the de-activation of the users with authorized access to the portal, as long as it does not have pending reporting obligations.