On 11 November 2021, Panama published Law No. 254 in the Official Gazette No. 29413-A, which amends the legislation on international tax transparency and the prevention of money laundering, and the financing of terrorism.
The significant amendments includes that where a company fails to comply CbC reporting requirements, they will be penalized with a fine of PAB 100,000 plus PAB 5,000 per day of non-compliance. It is also provided that in cases where inaccurate CbC reporting information is provided, a fine of PAB 25,000 will be imposed, and if information is intentionally altered, a fine of PAB 500,000 will be imposed.