Current Panamanian authorities expect the new immobilization bill to help Panama pass the current OECD peer review process. What they ignore is that there will always be a new black list until Panama is turned again into a banana republic.The tax authority reports the approval as follows:
APPROVED AT THIRD DEBATE ARRANGEMENT OF CUSTODY OF THE
SHARES ISSUED TO THE BEARER
Frank De Lima, head of the Ministry of Economy and Finance (MEF), Dario
Espinosa, Deputy Minister of Finance and Andrés Fuentes de León, General
Secretary of this institution, attended the plenary session of the National Assembly
of Deputies, at the time of the adoption of the Draft Law N° 568.
The custody of the shares issued to the bearer will enable the Panamanian State
comply with the commitments made by previous administrations with the Global
Forum on Transparency and exchange of information; also contribute to avoid the
inclusion of Panama in discriminatory lists that may affect the competitiveness of
the different sectors of the economy of our country.
This policy was supported by technical studies conducted by the Superintendence
of Banks in Panama and is a part of the strategy that began the National
Government in 2009 to preserve the good image of Panama, as cooperating
country in the fight against the misuse of the financial services, preventing money
laundering and the financing of terrorism.
Establishes the custody of the certificates of the shares issued to bearer, through
an authorized custodian, being these banks, securities houses or attorneys with
the control of the Fourth Chamber of Business of the Supreme Court of Justice, in
a special register; the same shall enter into force on the second working day, after
two years of have been enacted as law of the Republic of Panama.
http://www.mef.gob.pa/es/noticias/Documents/Approved%20at%20third%20debate%20arrangement%20of%20custody%20of%20the%20shares%20issued%20to%20the%20bearer.pdf
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