Panama Bank ListInformation about the Panama banking system
COMPETITIVE BANKING CENTER LINE OF FIRE
Although Panama is renowned for its international financial center and has been prominent on the continent as an important recipient of direct investment, again faced with external threats that put in the ground game won. And promoting the country that companies that offer international services does not help.
In this new saga, the Government determined to form a high-level commission for the protection of international financial and Panamanians.
Among the regulators of banking, but pushed by the international financial crisis, the Banking hired the auditing firm KPMG to develop a competitive banking center.
The full analysis will be released in the coming weeks, but in light of recent events, and information was shared with the authorities and the unions which have joined forces to defend the international services offered by Panama, and respond to questions about the country is a tax haven.
The study found that one of the greatest threats to the country is being considered a “tax haven” and is putting pressure on the Organization for Economic Cooperation and Development (OECD).
71% of respondents felt that the tax has had “very high impact on the competitiveness of the banking center. The secrecy and information control and regulation and legislation were in second place.
One point that speaks in favor of the central bank is that of 14 billion dollars in deposits that are external to the system, only one billion dollars from OECD countries, which is why local bankers say that there is way we can think that Panama is a sanctuary for foreign depositors.
Promotion in Cyberspace
While the government, banks, lawyers, businessmen and lawyers as Eduardo Morgan explained in detail why Panama should not be considered a tax haven, the reality is that companies in cyberspace promote international services in the country, say the opposite .
For a sample button. “Make the tax haven Panama and geographical meaning. Make corporations, opening bank accounts, do business with the Colon Free Zone, etc.”
Panama is much more graphic Offshore Legal Services, which as the main benefit or advantage that is emphasized in Panama: “A full tax – capital generates no tax, no tax revenues, there is no legacy taxes, etc..”
Investors should be guided by reality and not what a company is promoting the Internet to attract customers, notes Morgan, who also criticized the biased promotion is being done and recommended that this be malpractice complaint with the Ethics Committee of the College National Lawyers Guild.
Although he warned that there are similar promotion on the Internet from other countries or jurisdictions, but these do not appear on the “blacklists” of the OECD.
“The important thing is to know that in Panama for a company, the lawyer has to know who is making the document and who are its owners,” he said.
Regarding the tax issue, he said, as the Panamanian territorial systems do almost all countries. The difference is that there is no charge for income taxes that are generated outside the country.
Members of the Committee for the Defense of international preferred not to comment until they submit the full study of competitive banking center, although it acknowledged that this document will guide the development of the strategy to follow and to changes that are required.
In the government of Ricardo Martinelli had not yet discussed the issue, as noted Finance Minister Dulcidio La Guardia, who preferred to reserve comment for when they take control of the Government and were presented with the details of the KPMG study.
The former banker Luis H. Moreno believes that it is time to objectively analyze what is in the best interests of the country because of external pressures that made such great advantages to strong banking center will become disadvantages.
It is important, he added, made a study as long as it serves to focus the problems of a practical and advised “that we are left with the diagnosis in the pocket and taking prompt and effective action.”
One point that criticized the bank for the damage done to the country’s image is being taken with regularity as cases of persons involved in illicit activities such as Nelson Urrego, David and Paul Murcia Rayo Montaño.
“The banking community has to redouble its efforts in this direction and time to detect these irregularities. This is where Panama has to make a true act of faith in his honesty and international combat these weaknesses that have dire consequences for the country’s image, “said Moreno.
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