From May 2019, foreign customers will have to declare to local system banks that their funds meet their country's tax requirements.
The Superintendence of Banks of Panama (SBP) approved Agreement 02-2019, which implements the recommendations of the Financial Action Task Force, which consists of expanding the required due diligence measures of banks with their customers.
In response to rumors of more interventions into financial institutions, the Superintendency of Banks in Panama says that they are unfounded, highlighting the strength of the banking system.
From a statement issued by the Superintendency of Banks of Panama:
All of the formal conditions have now been revealed for the operation of the system for granting flexible loans to farmers and entrepreneurs who currently have no access to commercial bankfinancing.
Hundreds of millions of dollars were left idle because of lack of standards to allow their use in lending to the productive sector.
The urgency to pass the tax reform, among other things, has taken center stage in the government's agenda of issues.
The removal from the list of countries classified as tax havens, and the priority that the government has given other issues has meant that the discussion and approval of the Law on Fiscal Standards and Transparency, which contemplates the possibility of lifting the secrecy in banking in certain cases has been relegated.
New rules forbid issuers from “stalking” cardholders in order to collect pending payments.
The banking industry stated that limiting their ability to call debtors will result in higher delinquency, and that they will object the measure at the constitutional court (Sala IV).
Sugef will classify banking entities in three groups, based on their capital adequacy ratio.
According to the regulation proposed by the Sugef, the supervisor of the financial system, the first level will include entities with a ratio of 14% or more, the second will group entities with ratios between 12% and 14%, while the third will include those with a ratio between 10% and 12%.
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