Panama Ending Anonymous BearerShares
– 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
firstname.lastname@example.org 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