Panama is small country, but with a strategic location, where the Pacific and Atlantic oceans meet on either side of our borders. Our economy is based mainly on the services we provide in the canal zone, and the various alternative services we can provide in terms of free trade zones, free zones, port areas and fuel trade-zones.
Additionally, Panama maintains a robust financial center and has become in this way a business hub for the Americas.
All these advantages are very good, but at the same time these conditions leave us vulnerable to a series of crimes committed in the region. Samples of illicit trade are trafficking of psychotropic substances and merchandise such as liquor, cigarettes and gasoline.
For this reason, over the years, Panama has established laws and mechanisms to counteract these attacks, establishing new penalties, administrative sanctions, modifying procedures, etc. It has also created multidisciplinary teams that can help in the fight against these activities and trained its customs and tax officials in the different regions of the country where there is a threat of entry of illicit merchandise, to reduce incidences of illicit trade. Currently, Panama expects our next tender to address traceability of many of these products using modern traceability technology