The litigant must bear the costs of the judicial process when they posses a monthly income over $500 or own property registered in the Public Registry.
An article by Alvaro Santana in Martesfinanciero.com reports that "In Panama, the administration of justice is free and there are no fees or taxes" with attorney's fees, making up about 80% of the costs of litigation.
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The country with the largest ship registry in the world still does not have regulations for the law to homogenise maritime labor conditions.
A law passed in January 2006 does not have its respective regulations despite the fact that there are only six months left before it will come into effect.
Capital.com.pa reports that "the Panama Maritime Authority (AMP by its initials in Spanish) reported that there is already a document agreed between the parties and that it is up to the respective Executive for discussion and approval."
The prolonged intervention of the Supreme Court in the Financial Pacific puts into question the adequate functioning and reputation of the financial system.
The latest news is that the Chief Superintendent of the Panama Stock Exchange (SMV), Alejandro Abood, could recuse himself in the stock market scandal of the brokerage firm Financial Pacific (FP), suspended for embezzling 14 million dollars.
The Superintendency of Corporations has ordered the opening of bankruptcy proceedings on the assets of Interbolsa SA, parent company of the Grupo Interbolsa.
A statement from the Superintendence of Companies of Colombia reads:
Bogota, Jan 4 (SS).
The Superintendency of Corporations in the exercise of its statutory powers 430-000043 January 2013 has decreed the opening of bankruptcy proceedings of the assets of Interbolsa SA, the parent company of Grupo Interbolsa.
Executives from the brokerage firm Financial Pacific will ask the SMV to reconsider the suspension of its license to operate in Panama.
The Superintendency of Securities of Panama (SMV) suspended the operating license of the brokerage house because of a shortfall of $11.5 million in "customer’s cash ".
According to the directors of Financial Pacific, the SMV followed rules that are not applicable and dubious legal grounds when it ruled to cancel the license.
The Supreme Court has canceled the reorganization order of Financial Pacific set by the Superintendency of Securities of Panama.
The Superintendency of Securities of Panama had ordered "the suspension of the license of the brokerage firm Financial Pacific Inc., for a period of 15 calendar days so that the brokerage firm may remedy all the anomalies found or else the Superintendency will order further action. "
Panama is repeating the process of granting residence and work permits to foreigners who have resided in its territory for more than a year.
A statement from the National Immigration Service reads:
Javier Carrillo, Director General of the National Immigration Service (SNM) and Samuel Vargas, Director of Employment, Ministry of Labour and Social Development (MITRADEL) explained at a press conference on Wednesday September 26, all the features of the tenth Special immigration Regularization Process, known as "Crisol de Razas" (Melting Pot).
The 510 bill, already approved on its first reading in the Assembly of Panama, allows ex-officio actions and imposes heavy fines for those who violate copyright.
The bill responds to provisions of the trade agreement with the United States, whose implementation requires adapting various Panamanian regulations, including those relating to copyright.
The Panamanian government has presented for review at the National Land Council a draft bill which changes current land titling legislation.
The bill gives more power to the National Land Authority (Anati), such as a period of seven years for the role of administrator and the elimination of free titling in any of its forms.
Through these changes, the government seeks to plug loopholes left by the two existing laws.
The increased activity which comes from being a global logistics hub, expected to increase even more when the expanded canal is operating, requires an all encompassing regulatory framework.
Cargo agency representatives agree that the lack of a regulatory framework leads to situations where the problem is solved at the discretion of the officer involved.
The Chamber of Commerce, Industries and Agriculture of Panama has rejected the public airing of legal proceedings.
A statement from the Chamber of Commerce, Industries and Agriculture of Panama reads:
The Chamber of Commerce, Industries and Agriculture of Panama, considers it unacceptable that any legal processes be publicly aired, when they should be handled by the appropriate entities, as was the case last week with the Ministry of Labor and the company Varela Hermanos S.A.
With the aim of helping transnationals already established in the region to move to Panama, a reform of Law 41 has been planned, creating a special regime of incentives for such companies.
A statement of the National Assembly of Panama reads:
Multinational companies to have better opportunities
Reform of Act 41 of 2007
The Minister of Trade and Industry, Ricardo Quijano, presented to the plenary of the National Assembly a bill to reform Law 41 of 2007 by which a scheme has been introduced for the establishment of multinational companies, to suit current challenges and attract new foreign investment.