According to the Superintendency of Banks, removing the country from the list will be more complex than expected, as not all sectors see it as a priority issue for the economy.
Panama needs to improve legislation and controls in the financial system in order to achieve compliance with the recommendations made by the Financial Action Task Force (FATF).
In June 2012 International Banking Center assets totaled $84.61 billion, a year-on-year variation of 11.7%, while the banking system’s assets were $69.06 billion (year-on-year change of 13.4%).
From a press release from the Superintendency of Banks of Panama (SBP):
In a meeting with representatives of local and international press and regional magazines, the Superintendency of Banks presented the International Banking Center results for the first half of 2012.
With a total of 90 banks totaling $90 billion in assets, Panama City is establishing itself as an international banking center.
Of the 90 banks currently operating in Panama, 48 of them have a general license, 28 have an international license and the remaining 14 are representative.
Of the total assets totaling $90 billion, 40% are foreign deposits.
The International Banking Center, closed 2011 with assets of $81,675 million, an increase of 13.7% compared to the same period last year.
A press release from the Superintendency of Banks in Panama states:
The CBI report was released during a presentation entitled "International Banking Center: Performance 201,", by Dr. Alberto R. Diamond, Superintendent of Banks.
In 2010, the consolidated assets of the banking system totaled $ 71,932 million, 11.4% higher than 2009.
The superintendent of banks, Alberto Diamond, said that net income reached $ 1,067 million in 2010, 16.1% higher than 2009.
"Diamond specified that deposits in the domestic banking system amounted to 44.195 million dollars in 2010, of which 44.3% are fixed term deposits, 18% savings and 15% cash deposits," adds Prensa.com.
Alberto Diamond has replaced Olegario Barrelier as Banking Superintendent in Panama.
Diamond will serve the entire period for which Barrelier was originally named, until June 13, 2013.
Diamond worked as President at KPMG Central America, and Partner Director at KPMG Panama. He has been in the audit and advising industry for over 42 years, coordinating important projects, specially in the financial sector.