Tuesday, July 30, 2013

Approved at third debate arrangement of custody of the shares issued to the bearer

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:

The plenary of the National Assembly of Deputies approved the Draft Law N° 568 "that adopts a custodial arrangements of the shares issued to bearer" legislation that seeks to preserve the image of Panama as cooperating country in the fight against the misuse of the financial services, and that puts a tone to the Nation with international law, in relation to the topic.
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.


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