Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Standard view
Full view
of .
Save to My Library
Look up keyword
Like this
0 of .
Results for:
No results containing your search query
P. 1
Panama Ending Anonymous Bearer Shares

Panama Ending Anonymous Bearer Shares

Ratings: (0)|Views: 52 |Likes:

More info:

Published by: Aurelia Masterson of Panamalaw.org on Nov 12, 2010
Copyright:Attribution Non-commercial


Read on Scribd mobile: iPhone, iPad and Android.
download as DOC, PDF, TXT or read online from Scribd
See more
See less





Panama Ending Anonymous BearerShares
Executive Summary
– This is taken from a Panama Newspaper called La Prensa, date Oct.9, 2010.It has been translated into English:
Stock ownership must be recorded
The OECD estimates that there are significant problems in terms of transparency. The Government hasrequested a new assessment for next year.
Roberto González Jiménez
rgjimenez@prensa.com The Ministry of Economy and Finance (MEF) forward a draft bill to force the resident agents of corporations to keep track of who are the beneficial owners of shares, including those in bearer form.The law provides penalties for brokers who do not comply with the regulations."It's something that Panama has to attend to give effect to double taxation treaties (DTT). Panamanian lawallows bearer shares, and the authorities need to know who is the owner to give the required information tothe requesting country, "said Frank De Lima, Vice Minister of Economy, which yesterday gave a pressconference to evaluate a recent report of the Organization for Economic Cooperation and Development(OECD) on the transparency of Panama.The international agency found "significant problems" in areas such as the availability of propertyinformation, especially in the case of corporations, the ability of authorities to obtain information for thepurpose of sharing, the availability of sanctions for failure to maintain or produce information forexchange, and the reluctance to reach agreements for the exchange of tax information instead of DTT as away to exchange information.De Lima said some of the recommendations made by the OECD and were included in Law 33 of June2010, but that these gains not reflected in the report since it closed in May.Attorney Carlos Barsallo said that only the signature of DTT does not guarantee the output of the lists of tax havens. We must create laws and agencies to monitor and discipline, he added.Here is the link:Propiedad de acciones deberá registrarseA similar article appeared in a second Panama Newspaper called Laestrella on Oct. 6, 2010 and istranslated below:PANAMA. To exit the gray list imposed by member countries of the Organization for Economic
Cooperation and Development (OECD), Panama still has pending tasks.Among the points that the country must improve for the next OECD peer review are: the strengthening of measures to meet customers, resident agent services provided by lawyers and law firms in the country.Frank De Lima, deputy economy minister, announced yesterday that Panama has made progress out of thegray list of the OECD.De Lima said that from January 2011, Panama set up in the Directorate General of Revenue, Ministry of Economy and Finance, units of International Taxation Information Exchange. He explained that the Law33, which creates these units in the DGI, will allow the respective collection and exchange of informationfor tax treaties.For his part, attorney Carlos Ernesto Gonzalez Ramirez, who participated in the drafting of the law 'Knowyour customer', noted that Panama's interest to have an effective system that allows authorities to obtaininformation from the person who ordered incorporating a legal entity.A trial of a former president of the APEDE, González Ramírez, "Our offshore system has never beenstructured with the goal of sponsoring certain actions by customers of the system."Therefore, he said, hoped that the project "Know your customer ', presented to the Supreme Court,whatever it was discussed and agreed by the parties.Meanwhile, Elias Ruben Rodriguez, chairman of the National Bar Association of Panama, said that the lawof 'Know your customer' is not a new dotrina in the country, as the local banking sector and used for sometime.The important thing is to respect the right of sovereignty and legal proceedings are carried based on rulesclarified.To date, Panama has signed four Double Taxation Treaties (DTT) of the 12 required by the OECD. Seebox: Status of Treaties.In the coming days the country will sign DTT with Spain, the Netherlands and Luxembourg.Here is the link but it is in spanish:Abogados respaldan la ley Conoce a tu cliente This actually appeared in a third source:Hidden owners of Panama Corporations to be uncoveredThe article is below:Another step to get Panama off the Organization for Economic Cooperation and Development (OECD) taxhaven black list has been proposed by the country’s Ministry of Economy and Finance.

You're Reading a Free Preview

/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->