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After the Nicaraguan Assembly approved a bill that forces local banks to allow public officials sanctioned by OFAC to have an account, there are fears that the country will be isolated from the international financial system.
A statement issued by the National Assembly on February 3 explains that the deputies approved the Law Initiative of Reform and Addition to the Law for the Protection of the Rights of Consumers and Users, a legislative project which guarantees a better and greater protection of the rights of consumers and users in the access to goods and services as a human right recognized by the Nicaraguan State.
The European Commission announced that the two Central American countries are on the list of nations with deficiencies in their anti-money laundering and anti-terrorist financing strategies.
Bahamas, Barbados, Botswana, Cambodia, Ghana, Jamaica, Mauritius, Mongolia, Myanmar/Burma, Nicaragua, Panama and Zimbabwe are the countries included in the list, the European Commission reported.
Arguing that the country did not implement the reforms to which it had committed itself within the agreed time frame, the European Union decided to include it again in its list of non-cooperating territories in fiscal matters.
The National Assembly of Panama approved in third debate the bill that creates the Superintendence of Non-Financial Subjects, and now the proposal only awaits the approval of the Executive.
The bill, which was sent by the Executive Branch to be analyzed in extraordinary sessions and which seeks to establish the exclusive competence to regulate and supervise non-financial regulated entities administratively with the aim of preventing money laundering, the financing of terrorism and the proliferation of weapons of mass destruction, has already passed the procedure in the National Assembly.
The National Assembly of Panama approved in second debate the bill, by means of which it is intended to create the Superintendence of Non-Financial Subjects.
This legislative project, sent by the Executive Branch to be analyzed in extraordinary sessions, seeks to establish the exclusive competence to regulate and supervise in the administrative way the non-financial obligated subjects with the intention of preventing money laundering, the financing of terrorism and the proliferation of weapons of mass destruction, informed the National Assembly.
An agreement was signed to create a working group on fiscal and financial transparency cooperation, with the aim of removing Panama from the French list of non-cooperating countries in tax matters.
The Ministry of Economy and Finance of Panama reported that the working group will contribute to strengthening cooperation, improving the exchange of fiscal information, promoting financial transparency and the fight against money laundering, focusing on finding more efficient mechanisms and practices for the exchange of information for fiscal purposes, within the framework of the provisions of the tax agreements in force between the parties, including all aspects of the process, from the preparation and sending, to the receipt and response of requests for exchange of information.
Arguing that the country "fulfils all its commitments in terms of fiscal cooperation", the European Union decided to remove it from its list of nations and territories considered as non-cooperative.
Albania, Costa Rica, Mauritius, Serbia and Switzerland have implemented, ahead of schedule, all the reforms necessary to comply with the principles of good tax governance of the European Union (EU).
After the country was put back on the FATF grey list, the private sector believes that investments will be driven away and economic growth will face multiple obstacles.
After the Financial Action Task Force (FATF) decided to include the country in the list of nations that need to be supervised in the process of implementing measures to prevent money laundering and the financing of terrorism, entrepreneurs from different sectors foresee that the effects will be negative for the local economy.
The Panamanian business sector assures that the efforts and results that have been achieved in such a short time have not been recognized by the FATF, which decided to put the country back on its gray list.
Although at the beginning of the year efforts were made in the country to improve controls in relation to tax evasion, as in the case of the approval by the National Assembly of the bill criminalizing tax evasion, when the amount defrauded in a fiscal period of one year is equal to or greater than $300,000, it was not enough for the country to return to the FATF grey list.
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 the new version of the European Union's list of non-cooperating countries in fiscal matters, the Central American country no longer appears.
In December 2017, Panama was included by the Council of Ministers of Economy and Finance of the European Union in Annex II of the List of non-cooperative jurisdictions in fiscal matters.
The inclusion of Panama in the list of high-risk countries with strategic deficiencies in the battle against money laundering and terrorism would increase the operating costs of foreign banks in the country.
A few days ago, the European Commission included the Central American country in a list of 23 nations classified as territories with lax measures and controls against money laundering and financing of terrorism.
The Varela administration rejects the European Commission's proposal to include the country in a list of high-risk countries with strategic deficiencies in the struggle against money laundering and terrorism.
Considering that the publication issued today by the European Commission must be submitted to the European Parliament for approval within one month, which may be extended, the Government of Panama announced that it will continue its efforts to establish a communication channel to clarify the Commission's concerns.
Arguing that the institution was negligent in the process of intervention and sale of the bank, in Panama Balboa Bank shareholders filed a $74 million lawsuit against the Superintendence of Banks.
The legal appeal filed by the Balboa Bank shareholders and admitted by the Third Chamber of the Supreme Court of Justice, points out to the Superintendence of Banks of Panama (SBP) to cause presumptive damages because of the sale price fixing of the bank's shares.