Lawyers, who would possibly see their intense advising and foreign capital representation activity decreased, oppose any changes to law 32, which would involve greater transparency in company incorporation (Sociedad Anonima) information and it would perhaps detract from the current attractiveness of the regulations to foreigners.
Tagnia Shocrón noted in an article in Laestrella.com.pa: "A former official from the Chamber of Commerce, Industries and Agriculture said that 'it is not a matter of eliminating it but redesigning it so that it is more transparent.’ He added that the country’s economy depends on other activities such as toll collection for the transit of ships through the Panama Canal, banking and the tourism industry, which will not disappear because of the flexibility in the transparency of the corporations."
Thirteen foreign banks with operations in New York will have to report on their relations with the Panamanian firm Mossack Fonseca including communications, telephone records and any transaction made.
An article on Bloomberg reported that the Department of Financial Services (DFS) in New York has asked 13 banks with offices in that State, among which are Deutsche Bank AG, Credit Suisse Group AG, Commerzbank AG, ABN Amro Group NV and Societe Generale SA, to provide communications, telephone records and other records of transactions, between their branches in New York and employees or agents of the law firm, Mossack Fonseca & Co. The banks in question are not accused of any wrongdoing.
In Costa Rica a bill intends to discourage the use of "tax havens", controlling the legitimacy of the costs incurred in those territories.
At present the bill under discussion in the Committee on Financial Affairs, is expected to publicize a final report in mid-March. The initiative "... also excludes deductions for expenses to be made or paid by resident individuals or entities in tax havens."
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