Panama
Banking
With its skycrapers
glinting in the intensely bright sun, the center of modern Panama
City resembles a miniature Manhattan. Scroll to the
bottom of this page for a list of Panama Banks and Financial
Institutions.
Panama has the most modern and successful international banking
center in Latin America, with more than 85 banks from 35
countries. Panama’s new banking law (Decree No. 9) meets the
standards of leading financial centers around the world for
transparency and regulation.
Moreover, Panama has turned into one of the leading countries
supporting the FATF and OECD movement to implement measures in
international financial centers to cope with capital laundering
and terrorist financial activities. Tighter controls have been put
on banks to report all deposits and withdrawals of more than
$10,000, identically as done in the United States.
Bankers’ awareness that Panama has to clean up its image is also
making them more thorough about checking the credentials of new
customers. The “know your customer” policy includes tighter
reference requirements and origin of funds. Nevertheless, banking
secrecy continues in place.
In addition, Panama is one of the most secure international
offshore centers in the world. The Panama Stock Exchange is one of
the fastest-growing in the region.
In the financial industry, diverse investment opportunities exist
in banking, investment capital financing, insurance and
re-insurance.
The Republic of Panama maintains a firm commitment to fight and
maintain a proactive and efficient role against money laundering
and the financing of terrorism and organized crime through its
different governmental bodies and in close cooperation with other
jurisdictions.
Panama´s banking system has effectively achieved the following,
among others factors:
International Standards
International cooperation
Modern legislation
Competitive advantages
As a necessary
complement of the above, important legislation has been passed by
the Panama Legislative Assembly and sanctioned by the President
and resulted in relevant Cabinet Decrees being issued by the
Executive power. These regulations, listed below, are not only in
effect, but has also provided assistance throughout the region and
beyond.
Law 41 of October 2, 2000, which defines the crime of money
laundering with regard to the predicate offenses: qualified fraud,
illegal arms trafficking of humans, kidnapping, extortion,
embezzlement, corruption of public officers, acts of terrorism,
international theft, trafficking of vehicles and drug trafficking.
Law 42 of October 2,
2000, which establishes as "accountable persons" in the observance
of due diligence for banks, trust companies, currency exchange
offices, money transfer service providers, non-bank loan
companies, savings and loan cooperatives, securities exchanges,
securities clearing houses, securities firms, securities brokers
and investment managers.
Law 45 of June 4,
2003, by which Chapter VII to Title XII of the Second Book of the
Penal Code is added therein under the heading of Financial Crimes,
fraud, illegal money transfers, concealing, deleting and
counterfeiting accounting books and related documents. Disclosure
of classified information, omitting or denying information, price
discrimination, signing of fraudulent agreements, collecting
financial means without proper authorization, among other types of
crimes with their respective sanction.
Executive Decree No.
78 of June 5, 2003, which modifies the name of the Financial
Analysis Unit (FAU) to Financial Analysis Unit for the Prevention
of Money Laundering and the Financing of Terrorism and extends its
duties and responsibilities to assets related to the financing of
terrorism.
Law No. 48 of June 26,
2003, which regulates the operations of money remittance
companies.
Law No. 50 of July 2,
2003, by which Chapter VI, denominated Terrorism, is added to
Title VII of Book II of the Penal Code and sets forth other
provisions, This Law defines the crimes of terrorism and the
financing of terrorism, turning both into autonomous crimes in our
legislation.
This proven commitment
by the Republic of Panama against money laundering and financing
of terrorism includes both the public and private sector,
guarantees that Panama shall continue in this crucial endeavor and
fully understands the importance of international coordination and
cooperation.
Banks and Financial
Institutions in Panama:
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