Following the approval of the Bitcoin Law in El Salvador by the members of the Legislative Assembly, which creates a legal framework that recognizes this digital currency as legal tender in the country, the IMF warns that financial and legal risks have arisen.
The National Assembly of Panama approved in third debate a bill that regulates the service of information on the credit history of consumers.
The legislative plenary approved in third debate initiative 424, which modifies Law 24 of 2002 related to this registration system in the Panamanian Credit Association (APC), in order to create a data model or credit information that is fair and balanced between financial agents and credit clients, the Assembly informed.
The official notice obliging all entities of the country's financial system to provide the tax authorities with information on the bank accounts of all their foreign clients was published in the Gazette.
Since the political and economic crisis began in Nicaragua, credit placement has fallen, while delinquency and loan restructuring have increased.
Data from the Superintendence of Banks and Other Financial Institutions (Siboif) indicate that between April 2018 and February 2019, a period during which the political crisis in the country has deepened, the fall in the net credit portfolio was 16%.
The measures taken by the U.S. Treasury to pursue American tax evaders affect about 150,000 bank customers in the country.
In late April 2014, financial institutions must adhere to U.S. Treasury Department because in June the names of entities who have signed up to the requirements of FATCA will be published, and inclusion in that list will be a requirement for external funding sourced by that country.
The Intergovernmental Agreement Model 1 is being prepared with the U.S. Treasury for the application of the Act on tax compliance for accounts held abroad.
"The Ministry of Economy and Finance (MEF) is working in conjunction with an external consultant for the purpose of preparing the negotiation strategy," noted an article in Panamaamerica.com.pa.
The fulfillment of the obligation to report on foreign bank accounts belonging to U.S. citizens has been postponed to July 1, 2014.
This was announced by the U.S. Treasury through a statement, explaining that "due to the huge interest from countries around the world" the deadline to comply with the Law on Foreign Account Tax Compliance (FATCA), will be extend by six months, that is until July 1, 2014.
Banks in Panama are urging the signing of the intergovernmental agreement which recognizes them as complying with the Foreign Account Tax Compliance Act.
"July 15 sees the start of the registration period for companies to begin the certification process individually, but Panamanian bankers expressed their wish for entry into the FATCA system to be made jointly via an agreement made prior to 15 July between governments.
July 15 will see the opening of the registration process for banks to comply with the Law on tax compliance for accounts abroad, adopted in 2010 by the U.S.
This law will affect banks' relations with the so-called "U.S. persons" worldwide. "Since mid-July, therefore, banks may finalise the agreement with the IRS (Internal Revenue Service, an organization equivalent to the Department of Revenue) to be part of the law-abiding entities", reported Prensa.com.
The number of companies or individuals raising money from investors without authorization from the Superintendency of Banks now totals 73.
Since 2000 to date 73 companies have been reported as raising money from investors without a proper license to operate in the country.
"Although fines for exercising banking functions without the appropriate license can reach up to $1 million and the Financial Offences Act establishes penalties ranging from three to five years for anyone who collects money in a massive and regular manner from the public financial without proper authorization from the competent authorities, the SBP list continues to grow", reports Capital.com.pa
Information will be available on credit cards, secure electronic banking, savings accounts and debit cards, credit and guarantees, and related procedures.
A statement from the Costa Rican Banking Association (ABC) reads:
First Financial Virtual Library
Banking system launches new information tool for users
- The Initiative aims to increase the levels of transparency between banks and consumers.