The Law aims to attack drug trafficking and regulates "the obligations of legal entities or individuals engaged in a profession or activity that could be used for the transfer, use, concealment and movement of goods from criminal or illegal acts.”
Law No. 4021, called " Extinction of Ownership", which takes effect six months after its publication in the official newspaper, includes amendments in the following articles related to shares:
Congress discussed today in the first debate the bill adopting a custody regime applicable to shares issued to bearers.
From a press release issued by the National Assembly of Panama:
The Commission of Economy and Finance of the National Assembly will discuss in a first debate on Tuesday from 2:00 pm Bill 568 "to adopt a custody regime applicable to shares issued to bearers," which was presented by Minister of Economy and Finance, Frank De Lima.
Commercial companies in Guatemala have until June 28 to make the conversion.
According to the explanation give by Oscar Chile Monroy in an article in Prensalibre.com, the Forfeiture Act (LED by its initials in Spanish), does not specifically establish a financial penalty to those who do not perform this procedure in time, however, it should be noted that the omission can bring serious tax consequences and commercial risks.
In Guatemala "there are still ways to start a business with due secrecy for its owners."
Specialists in corporate and tax law in Guatemala say the Forfeiture Act, Decree 55-2010, leaves the gate open for owners of shares of companies to withhold their identity.
Alvaro Castellanos Howell, a lawyer at the law office Consortium, cited as an example the establishment of a company in countries "where bearer shares are allowed, and then an investment is made in Guatemala with shares, buying moveable goods as an off-shore entity".
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