SWOT Analysis of Panamanian Banking

The traditionally high competitiveness of Panama as a financial center is being threatened by the pressures bearing down on it from multiple fronts.

Wednesday, June 10, 2009

The auditing firm KPMG is carrying out, under assignment by the Superintendent of Banks, an analysis of the competitiveness of the Panamanian banking center.

Changes are inevitable due to the pressure being exercised by the Organization for Economic Co-operation and Development (OECD) on Panama to cooperate in a transparent manner regarding the tax information of the transnational businesses based in the country. To avoid being considered a "tax haven" by the OECD, which would imply sanctions, Panama must change norms regarding banking secrecy.

More on this topic

Panama Could Go Back to OECD Gray List

March 2014

The Minister of Finance announced that the country did not pass the first stage of the review by the OECD because it has not implemented a law immobilizing bearer shares.

An assessment of tax transparency and exchange of information that would have been made by the Global Forum Organization for the OECD will prevent the country from being removed from the list of tax havens.

Panama Not To Change Bearer Shares

April 2013

President Martinelli's administration has changed its position and halted the Bill on bearer shares.

This topic has been critical in heated debates regarding its usefulness, and which up until now had been advocated by the Minister of Economy and Finance, Frank De Lima.

OECD or Not OECD?

September 2012

In Panama debates are firing up about the requirements for tax information exchange in what The Economist calls the "club of rich countries."

With the statement that "Panama is going through a tax revolution, with a direct impact on the competitiveness of the country", an article in Martesfinanciero.com reviews the concepts contributed by authorities and experts to the forum on the OECD's global project, organized by Chamber of Commerce, Industries and Agriculture of Panama (CCIAP).

Panama Exposes Financial Services Policies

August 2009

OECD ambassadors were communicated the country's willingness to implement transparency and information exchange standards.

Panama's Government explained its interest in establishing policies and agreements necessary to prevent the country's inclusion in tax-haven blacklists.

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