28/12/2014

Banks must identify the beneficial owners of companies Superintendency of Banks of Panama granted one year for the banks operating in the country to determine the ultimate beneficiaries in corporations who open accounts in their institutions. Information was published in the second half of the day in the Official Gazette 27681. According to the text agreed standard ", the bank must establish the final beneficiary or to identify the true owner of the legal entity. In the case of corporations, banks have to request documents evidencing the name of an individual identified as the ultimate beneficiary and the certificate of the shareholders of the corporation." In cases where a corporation with bearer shares, banks will require immobilizati ...[+]

30/12/2014

MEF projects GDP to be closed at 6.3% until 2014 Direction of Social and Economic Analysis of the Ministry of Economy and Finance (MEF) predicts that the Panamanian economy will close 2014 with an increase in gross domestic product (GDP) by 6.3%. This, after the first nine months of this year reached a total real GDP was 6.1%, according to a survey of the National Institute of Statistics and Census (INEC). In accordance with the MEF, this estimate is consistent with the IMF, which is expected to 6.6%, and the Economic Commission of the United Nations for Latin America and the Caribbean, whose is forecast at 6.0%. The ninth month of 2014, the economy of Panama, through the real GDP has created 26 thousand and 201,7 millions of dollars, according to statistics from INEC. Various sectors of the economy reflects this spectacular growth in the third quarter of this year, such as the construction of a 16% mobilization with around 3501,8 millions of dollars and mining by 12.8%, generating 357.2 million dollars, according to the Official Gazette.   [+]

16/01/2015

The Ministry of Finance reported that the risk rating agency Moody's affirmed its Baa2 rating with a stable outlook for the bonds of Panama. "The stable outlook given to Panama reflects that the agency projected that the country will maintain strong growth and the metric of government debt could improve a little more with the implementation of a policy of fiscal discipline. In its analysis of Panama, the rating agency based in New York said the debt / GDP ratio rose from 66% in 2005 to 42% in 2008, and in recent years has stabilized around 40% of GDP, "said a statement sent by the institution. [+]

06/03/2015

No changes planned to tax evasion penalties Although it is one of the recommendations of the Financial Action Group (Gafi), Panama will not alter its tax evasion laws to include possible prison sentences. Currently, tax evasion is punishable by administrative sanctions. In response to a decision by Gafi to place Panama on its grey list, the government has issued a list of proposed changes to fight money laundering and other financial crimes. But the criminalization of tax evasion was not on the list. These measures are contained in an action plan agreed to in June by Panama and Gafi, an intergovernmental entity that sets standards and promotes the implementation of legal, regulatory and operational measures to combat money laundering. Gafi made 40 recommendations to Panama. The organization will continue to monitor Panama's progress in meeting the standards of the organization. The exclusion of Panama from the grey list depends on the implementation of the action, something that could happen this year. The government has resisted making tax evasion a criminal offense because some officials fear that the Revenue Department could then be used against political opponents.   [+]

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