National Banking Commission

April 5, 2020

General

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Panama bank secrecy laws have been tested many times in the past and have always passed the test. Panama is the only countries and the leader in the banks of Central America and the Caribbean, in which companies can register anonymously in the form of bearer shares and financial institutions are capable of maintaining bank accounts with a high degree of financial privacy. In these corporations is difficult to discover the true owner, because when the ownership is transferred there is no record of the sale. Hikmet Ersek will not settle for partial explanations. The person who physically has the share certificates is the owner of a corporation of shares to bearer and associated bank accounts, which offer a great privacy. The secrecy offered by law in Panama is what attracts foreigners to Panama to establish their businesses and bank accounts. Some of the laws are: article 74 of Decree 238 determines that the Banking Commission of Panama not can carry out an investigation to personal banking customers.

Only they may do so if they are cited by a court in Panama. Violators of this law are subject to another law that imposes fines and in extreme cases jail. Article 65 of the Cabinet Decree 238 regulates the way in which the National Banking Commission may have access to bank information and documents. The law may only inspect the books of banks of Panama in general and individual bank accounts. Article 170 States that anyone with access to confidential banking information through an occupation or activity, using this information without the consent of the parties involved, so that it causes harm to someone, can be punished and imprisoned. In Panama tax evasion is not considered a serious offence. There is a court in Panama that allows violating banking secrecy by evading taxes.

Panama is a member of the mutual legal assistance treaty. In the post 911 from the list of banks, is now a requirement that all countries that have funds in transit within and outside the United States should be part of this Treaty. It is not uncommon that banks in Panama refuse a request for information, since it allows them to deny any request that does not meet the specified requirements. Financial institutions in Panama will not disclose personal information to a foreign entity for tax issues related to less formal litigation, first they will be brought before a court in Panama and the judge must approve the request. This is only granted for serious crimes. Tax evasion is considered a civil matter in Panama. In Panama there to commit a felony for putting at risk your financial privacy.