Fighting Panama’s tax haven image

Strengthening regulatory standards of bodies such as credit unions and the system of bearer shares are part of the changes that need to be made in the financial system in order to clean up Panamas image as a tax haven.

 It was an issue that engendered debate and presentations by reprsentatives of many of the smaller countries like the Bahamas and Cayman Islands that face similar image problems, at the recent STEP (Society of Trust and Estate Planners) Caribbean conference:

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Many and varied are the interests which on one hand keep Panama on unwanted lists and on the other try to clean up the country’s image” says CentralAmericaData

Alberto Diamond, head of the Superintendency of Panama a(SBP), told Capital.com.pa that “… It is not about affecting anyone, nor about the provision of international services offered by the country, registration of ships and companies, but in the same way we do not want banking services to be affected … we have to achieve a balance, although there is no easy solution'”

Lawyer and former commissioner of the National Securities Commission (now Superintendency of Securities (SMV), Carlos Barsallo, said that “… in order to get off the gray list they must ‘consider the recommendations contained in the last report received. Making a plan for national action and above all things, rather than adopting rules, ensuring effective compliance without personal or group exceptions. “