43. Are there limits on the amount that third parties can spend on election campaign activities?

Source: Artículo 271, Código Electoral de Panamá, 2022. Article 271, Electoral Code of the Republic of Panama, 2022.

(ES)
Artículo 271. Es prohibido:
1. Que las personas naturales o jurídicas, sea a título propio o por cuenta de terceros, contraten o donen propaganda electoral a favor o en  contra de partidos o candidatos.
2. Que los medios de comunicación acepten pautas para propaganda electoral en violación de lo dispuesto en este artículo.
3. Que los medios de comunicación donen pautas o tiempo para propaganda electoral a favor o en contra de partidos o candidatos.

(EN)
Article 271. It is prohibited:
1. That natural or legal persons, whether in their own name or on behalf of third parties, contract or donate electoral propaganda in favor of or against parties or candidates.
2. That the media accept guidelines for electoral propaganda in violation of the provisions of this article.
3. That the media donate guidelines or time for electoral propaganda in favor of or against parties or candidates.

Available at: https://www.gacetaoficial.gob.pa/pdfTemp/29482_A/GacetaNo_29482a_20220222.pdf

Complete ban on third-party spending for electoral propaganda. It is explicitly prohibited for any natural or legal person, acting on their own or on behalf of others, to contract or donate electoral propaganda for or against any party or candidate.