Panama Offshore Banking: Asset & Privacy Protection
One of the least well known pearls of the Latin American part of the world is the city of Panama. Currently experiencing a construction boom that has over 450 skyscrapers being built or in the process of acquiring permits to build. Panama has long attracted international shipping companies due to the Panama canal and Colon free trade zone but more and more investors and businessmen are finding out about offshore banking and company formation in Panama and realizing they have some of the best advantages available in the world today to protect privacy.
Panama has become the most modern and successful country in Latin America and its international banking center can be described in a similar fashion. The country recently enacted legislation that meets the exacting standards for transparency and regulation, and this obviously was the appeal for the 85+ banks from 35 different countries that can be found in Panama.
Panama's banking and financial sectors made the right choices by supporting the FATF and OECD rules which were enacted to root out international criminals who use the allure of financial privacy to perform illicit activities. This stance has helped Panama to get removed from the uncooperative tax haven list and in conjunction with the real estate boom has led to a renewed prosperity in Panama's banking sector.
Just as the practice occurs in the United States, it has become common practice in Panama to put tighter controls on banks so that they now are reporting all deposits and withdrawals in amounts exceeding $10,000. This control was also implemented as a direct result of the FATF and OECD movements as well. Panama has been removed from the non-cooperative tax haven list and is reaping the rewards.
Panama knew that the offshore banking business would grind to a halt if they did not take steps to combat international criminals. With over 80 large international banks operating here it controlling billions of dollars in assets Panama had a responsibility to adhere to these new rules and have done a great job of doing that while still attracting new offshore banking clients.
Panama has risen to the top of the pack and become one of the most secure offshore international financial centers in the world through their rock solid banking secrecy laws and steadfast enforcement of these laws.
Banking in Panama provides the offshore banking client of all of these aspects whether it is for their offshore corporation or for personal accounts as well. Additionally, the different government agencies have become very active in the fight against financing organized crime and terrorist activities, as well as the prevention of money laundering for these purposes. This also benefits the offshore clients in knowing that their transactions will always be safe and secure since Panama is known to cooperate with authorities for major crimes.
The government of Panama and Panama's banking industry are working together and know the value a good reputation has in the international community. There are literally billions of dollars at stake to maintain this position and Panama bankers will not accept clients that will do anything to draw attention to the nice little system they have created for their customers. Criminals stay away.
Article Source: http://www.search-raven.com
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by: KennethRodeislan
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