The new rules require resident agents to keep records of beneficiaries of bearer share companies and it also imposes sanctions against not complying.
Prensa.com publishes, "it's something that Panama has to attend to in order to comply with double taxation treaties (DTT). Panamanian law allows bearer shares and the authorities need to know who is the owner so we can provide the required information to the requesting country” said Frank De Lima, Vice Minister of Economy, at a press conference to assess the recent report by the Organization for Economic Cooperation and Development (OECD) about Panama´s transparency."
A bill will reform the mechanism for registering company shares in Panama, in order to comply with OECD requirements.
The initiative, by the Ministry of Economy and Finance, which will be put to consultation in late June, does not provide for the elimination of bearer shares, "but their immobilization (where bearer shares are deposited with an authorized custodian).
Panamanian Congress will resume discussion of the bill that immobilizes bearer shares.
Frank De Lima, Minister of Economy and Finance, has sent a report to the Organization for Cooperation and Development (OECD) to report on the postponement of the project in response to a letter from the Organization requesting a report on Panama's efforts in this area.