The Republic of Panama has one of the most important centers of financial services in the world, which has a proven record of change and that with the efforts of the public and private sector, has managed to meet the highest standards of transparency, adopting legal instruments more strict and rigorous than many other service centers worldwide.

The Government of the Republic of Panama further regrets disqualification by international organizations and countries that are not aware of existing agreements to exchange tax information as well as the implementation of rules on transparency and tax cooperation.

Panamanian authorities are calling on organizations, countries and media thoroughly review the content of publications, before calling into question our country’s commitment on transparency.

Panama is a serious country, a major player in the globalized world and is not fair to discredit work of an entire country that benefits the international community into disrepute.

Facts

Starting in January 2016, new rules came into effect that limit the use of bearer shares in Panamanian corporations. With these new rules, companies which have issued bearer shares should deliver them to the custody of authorized agents and regulated financial entities.

In compliance with the commitments with the FATF, Law 23 of 2015 was passed,  which contains measures to strengthen our financial system against money laundering and terrorist financing, in compliance with the roadmap prepared by the FATF’s Commission on Money laundering in order to lift our nation from its gray list.

In addition, as part of the implementation of monitoring and combat of illicit activities, 7 new laws were approved that include new offenses as well as the regulation of non-traditional financial sectors such as law firms and real estate businesses in order to increase transparency and combat the abuse of our financial center.

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