Tiny steps against fraudulent property transfers
Any document that has been altered using correction fluid will be rejected by Panama's Public Registry.
This is one of the first steps in a program designed to prevent fraudulent property transfers. The information comes from Director Luis Barria who says the agency has also tightened restrictions regarding the transfers of properties owned by estates.
Almost all incidents of fraud originate outside the Public Registry said Barria, but the agency was forced to take action because of the ongoing problem of fraudulent transfers which seem largely to affect foreign buers.
The Public Registry does not keep statistics on how many fraud cases exist but 20 complaints filed have been listed since it recently established a section in which to lodge complaints.
The Notaries Association has also stated that it has put anti fraud measures in place including the adoption of the data verification system used by the Electoral.Tribunal. Notaries have been fingered as playing a large role in certifying false claims.