BNP Paribas Sells Panamanian Operations

The French bank announced the sale of its Panamanian operations, arguing political and strategic motives.

Thursday, September 24, 2009

In addition to leaving Panama, where it operated for 57 years, the bank will also leave Costa Rica, Argentina and Uruguay.

"An anonymous source from the banking industry reported that BNP Paribas executives announced their staff that OECD's pressure weighed in their decision of selling Panama's operations", reported Prensa.com.

More on this topic

Societe Generale Closing Operations in Panama

September 2010

French bank Societe Generale completely closed its operations in the country, where it maintained a representation office.

The reasons given by the bank is Panama´s inclusion on the list of tax havens in France.

An article in Prensa.com reports, "The Minister of Economy, Alberto Vallarino, said the bank followed a closing schedule which existed prior to Panama negotiating with France a treaty to avoid double taxation, but also said they would return when the country is out of the French listing.”

Panama and Luxembourg Agree on Double Taxation

June 2010

Authorities from both countries concluded negotiations for a double taxation agreement.

This is the ninth agreement negotiated by Panama, out of 12 required to get out of the list of tax-havens of the Organization of Economic Co-operation and Development (OECD).

“Both delegations met in Panama during the week, and finally signed a draft agreement, which must still be formally ratified by the Legislative bodies of both nations”, reported Prensa.com.

Panama Seeks Tax Agreements

September 2009

Panama is en route to sign double taxing agreements with Spain, Italy, Holland and Mexico.

Frank De Lima, Panamanian Vice President, reported that "the Government will prioritize those countries with which Panama has strong trade and diplomatic relationships".

De Lima also acknowledged "...these agreements are one way of complying with OECD requirements, in order to remove Panama from tax haven 'graylists'", reports Prensa.com.

Panamá targeted by OEDC

October 2008

The Organization for Economic Development and Cooperation is combating countries considered tax havens, and Panama is in the list.

A report on fiscal cooperation published by OEDC on september 29 states that "there are still important restrictions in accesing banking information with fiscal purposes" in three of it member countries (Austria, Luxembourg and Switzerland), and in other tax havens like Panama and Singapur.

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