Varela sanctions tax evasion jail time law

In one of the fastest approvals of his presidency, Juan Carlos Varela, on Thursday, January 31, sanctioned the law that criminalizes tax evasion in Panama.

Intentional tax fraud starting at $300,000 in a fiscal year will be punished with prison sentences of two to four years, according to this law, approved this week in the third debate by the plenary of the National Assembly.

Launderers of capital that has arisen from tax fraud could is also prison terms of two to four years.

The punishment will be lower than the rest of the the previous crimes of money laundering, which entail sentences of between five and twelve years in prison.