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Panama Banks: Offshore Banking With Privacy Protection

May 13, 2008
Panama City glistens in the daytime sun and is decorated with enough skyscrapers that make it appear like a miniature Manhattan. But what is more important is the way in which banking in Panama in general is enjoying its moment in the sun. The banking industry in Panama has developed quite an allure for businesses and corporations that are engaged as offshore operations.

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 has taken the gauntlet and run with it by supporting both the FATF and OECD doctrines. These measures were enacted by the international community that is concerned with money laundering, terrorist financing and drug trafficking offenses. A crack down on this type of activity was to be expected after 9 / 11 and Panama and it's banks made the right steps to ensure their place in the international offshore banking community has been protected.

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 had a lot riding on making the proper choices in terms of what regulations they needed to accept to continue to draw new banking clients as well as keep capital from leaving the country if they gave up too much privacy which is the big attraction of Panama to many investors.

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.

In the end it's the customers of Panama's offshore banking system that will reap the rewards of their cleanup activities. With an improved reputation and tighter controls this means transactions coming out of Panama will not receive the same level of scrutiny they would if Panama had not taken the steps that were taken. As an offshore banking customer in Panama you will no longer have to worry about your money being incorrectly flagged by the international community monitoring for illicit activity since they know Panama is really screening their banking customers now instead of accepting money from anyone.

The government has become very proactive in these areas, and continues to create and implement legislation that enables banking in Panama to continue to excel in the international financial industry.
About the Author
To get more detailed information about the offshore banking industry or to get a Panama bank account please visit the OffshoreLegal.org website.
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