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13. Regulation: Panama

Regulation in Panama: the rules every business must follow whatever its sector. Covers voluntary merger verification and cartel enforcement by ACODECO, consumer protection and the 2027 pricing changes, personal data under Ley 81 de 2019, anti money laundering duties toward the UAF and sector supervisors, bribery and sanctions on companies under the Penal Code, environmental impact studies with MiAmbiente, and trademark and patent protection, each tied to the official text.

Investor view. Panama's light touch merger regime with deemed approval, a dollarized economy and clear, codified compliance rules let well governed companies scale quickly, and its tougher anti money laundering framework strengthens the country's standing as a regional business hub.

• Regulatory compliance essentials in Panama: who enforces what, key thresholds and deadlinesFive regimes apply to almost every business in Panama: competition and consumer protection (ACODECO, Ley 45 de 2007), personal data (ANTAI, Ley 81 de 2019), anti money laundering (UAF and sector super
• Merger control in Panama: voluntary ACODECO verification, 60 day deemed approval and the three year challenge windowPanama has no mandatory merger filing: parties may notify a concentration to ACODECO for verification before it takes effect. ACODECO can ask for more information within 20 calendar days and then has
• Cartels and abuse of dominance in Panama: absolute and relative monopolistic practices, fines up to B/.1,000,000 and treble damagesAgreements among competitors to fix prices, limit output, share markets or rig public tenders are illegal per se, with fines up to B/.1,000,000. Vertical and unilateral conduct such as exclusive deali
• Consumer protection in Panama: ACODECO, price display, warranties, door to door sales and the 2027 pricing changesLey 45 de 2007 sets consumer rights and supplier duties enforced by ACODECO: clear cash prices, honoured advertised prices, warranties with 30 day repair or replace duties, and a 3 business day coolin
• Personal data protection in Panama: Ley 81 de 2019, ANTAI enforcement, 72 hour breach notice and cross border transfersLey 81 de 2019, in force since March 2021, applies to databases in Panama and to controllers domiciled there. Processing needs consent or another legal basis, data subjects have access, rectification,
• Anti money laundering in Panama: Ley 23 de 2015, UAF reporting, B/.10,000 cash reports and fines up to B/.5,000,000Ley 23 de 2015 makes banks, securities, insurance and trust firms (financial reporting entities) and a long list of non financial businesses, from free zone companies and real estate brokers to car de
• Anti corruption in Panama: bribery offences, foreign bribery and sanctions on companies under the Penal CodePanama's Penal Code punishes officials who take bribes (2 to 4 years, 4 to 8 for judges and decision makers) and anyone who offers or pays one (3 to 6 years). Bribing a foreign official or an official
• Environmental rules in Panama: impact studies before works start, MiAmbiente sanctions and ten year civil liabilityProjects that may create environmental risk need an environmental impact study approved by the Ministry of Environment (MiAmbiente) before execution starts, prepared by certified independent consultan
• Intellectual property in Panama: trademarks, trade names, patents and DIGERPI fees under Ley 35 de 1996Industrial property is registered with DIGERPI at the Ministry of Commerce and Industries. Trademark, trade name and advertising slogan registrations last ten years from filing and renew indefinitely;

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