Financial authorities in Panama are analyzing establishing a fee for regulation and supervision, and modifying aspects such as requirements for licenses for businesses and minimum amounts of capital required to operate.
The adjustments proposed fall into two major areas: the functions of regulation and supervision and legal adjustments for the trust business itself, including topics such as capacities and custodial powers of the Superintendency of Banks of Panama to regulate and supervise fiduciary and trust business enterprises.
Although it has not been defined yet which law enforcement model will be adopted in Panama, financial institutions can now register with the IRS directly.
Foreign Financial Institutions have until January 1, 2015 to register with the Internal Revenue Service (IRS) of the United States directly. Alberto Diamond, Superintendent of Banks, said the agreement for the implementation of the law is scheduled to be signed in the month of October.
Many and varied are the interests which on one hand keep Panama on unwanted lists and on the other try to clean up the country's image as a tax haven.
Strengthening regulatory standards of bodies such as credit unions and the system of bearer shares are part of the changes that need to be made in the financial system in order to improve the country's position on this issue.
Banking and financial sectors have raised the need to devise a strategy to turn the country into an international financial center.
Alberto Diamond, Superintendent of Banks in Panama, said that as a society, they should establish a plan which involves the private sector, the public sector and the regulator. "We need to make a road map," he said.
Prensa.com reports: "The goal, ultimately, is to develop and integrate the capital, securities, insurance and banking markets, creating a system capable of supporting large and small projects, and whose natural vocation would be Latin America."
Under pressure from the OECD, the government of Panama is preparing a bill to immobilize bearer shares.
Panamaamerica.com reports that "The Organization for Economic Cooperation and Development (OECD) has asked the country to immobilize, within it’s financial system, bearer shares, a measure which will allow Panama to be excluded from the list of discriminatory countries."
The government of Panama is investigating in conjunction with the banking sector and representatives of the European Union how to facilitate financial transactions with the Euro and other foreign currencies.
A statement by the Presidency of Panama reads:
Mechanisms Sought to facilitate financial transactions in foreign currencies
President Ricardo Martinelli announced on Thursday, August 23, a meeting with banks, regulators and European Union ambassadors accredited in Panama to discuss possible ways to make financial transactions easier with foreign currencies, particularly the euro, in compliance with existing standards.
El Salvador, Panama and Costa Rica signed a consolidated supervision agreement for entities operating in their jurisdictions.
The agreement, signed by the banking supervisors of the three countries, foresees exchanging information, providing optimal conditions for supervision, and fostering stable, solid financial systems in the three countries.
Technisys is the omnichannel digital banking company. It offers technology solutions that allow banks to stand out through their customer experience, increase their sales and dramatically reduce their time-to-market when it comes to launching new financial services. Technisys culture lies on its innovation, its human capital talent and its vision of the future. The digital age represents an unprecedented growth opportunity for the financial service providers, and Technisys helps its customers to differentiate and capitalize it.
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
Phone: (506) 2256 7168
Pentágono is the leading Factoring company in El Salvador, with 20 years of succesful background.
Eficient, fast, reliable and personalized service.
Operates in Costa Rica, El Salvador, Guatemala, Nicaragua and Panama
Phone: (503) 2264 3363