Friday, 30 July 2021
JFGT (20210730-04:17:25 to UTF-8) ART 123 en => fr
Banks of Panama. Offshore account in Panama
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The banking sector of Panama - one of the fastest growing sectors of the economy. Adopted in March 1998 a new banking law modernized the banking system and increase state control. Under the new law, the banking system already complies with the Basel agreement. Now the financial statements of banks should comply with international standards and verified by recognized auditors. Since May 2003 all 77 banks in Panama, in the aggregate deposits were $ 24 billion, and total assets - 33 billion dollars, which is 8% less than in 2002 In 2003, approximately 5% of the total loan portfolio consisted of loans to public sector. Loans to the private sector in Panama have reached $ 11 billion or 95% of total loans. The three largest sectors of loan capital: Trade and commerce (30%), mortgages (26%) and consumer loans (21%).

Panama allowed foreign competitors into its banking sector in 1971 under the legislation, which is focused on providing a confidential relationship between banker and depositor. At the same time it increased the risk of the banking system for money laundering. Banking legislation provides for three types of banking operations. Banks licensed to carry out a complete set of banking operations in Panama, compete for domestic deposits and issuing loans (43 banks). Have a license for international operations, banks (offshore banks) may accept deposits only from persons or organizations located overseas (28 banks). Missions banks are allowed to perform only representational functions (6 banks). In order to finance the activities of Superintendent of banks, it was decided to extend this license fees of banks. Banks with a representative pay 5,000 dollars for a license for international operations of banks are already paying $ 15 000, and for the license to a full range of banking services - 35 000 USD There are also two state institutions accepting deposits. Foreign and Panamanian banks compete on equal terms. Banks are grouped into two groups: the Panamanian Banking Association (Panamanian and foreign banks) and the Association of Panamanian banks (only bank accounts in Panama). Activities of banks licensed and regulated by the Banking Supervision (Superintendencia de Bancos). Panama's banking system does not provide deposit insurance. Achievements of the banking system in Panama, among others: international standards, international cooperation, modern legislation, and competitive advantage. Necessary complement to the above is the adoption of important legislative acts of the Legislative Assembly of Panama, and approved by the President, after which the Cabinet has the right to issue decrees. Below are the current legislation that promote the development of banking in the country and abroad:

- Law number 41 of 2 October 2000, which defines the crime of money laundering in connection with: a proven fraud, illegal arms trafficking, kidnapping, extortion, embezzlement or misappropriation of another's property, corruption of public servants, acts of terrorism, international scam, resale of stolen vehicles.
- Law number 42 dated October 2, 2006, which defines the persons responsible for due diligence of banks, trust companies, exchange offices, agencies to complete transactions, non-bank loan companies, savings and loan cooperatives, securities exchanges, clearing houses securities settlement companies, securities brokers and investment managers.

- Law number 45 dated 4 June 2003 to supplement Section VII of Part XII of Volume II of the Criminal Code as criminal offenses such as fraud, illegal movement of money, concealment and falsification of accounting records and related documentation. Disclosure of information for internal use, exclusion or denial of information, price discrimination, signing of fraudulent agreements, collecting financial means without proper authority, and other types of crimes

- Decree № 78 dated June 5, 2003, which changed the name of the Financial Analysis Unit (FAU) to Financial Analysis Unit to prevent money laundering and terrorist financing, and expanded the duties and responsibilities of the means of financing terrorism.

- Law number 48 dated 26 June 2003, which regulates the activities of companies to transfer funds.

- Law number 50 of July 2, 2003, added an VI ╚Terrorism" Part VII of Volume II of the Penal Code and other provisions. The law defines terrorism and terrorist financing, separating these two crimes in the law of Panama. Thus, Panama, in fact reaffirmed their commitments to combat money laundering and terrorist financing, both public and private sectors to ensure continued efforts in this critically important area and fully understands the importance of international coordination and cooperation in this matter.

Financial Institutions
Some banks that are licensed to carry out a full range of banking services in Panama:

Algemene Bank Nederland NV Syukyursal Panarna (Netherlands (Algemene Bank Nederland NV Sucursal Panarna (Hollland))
Banco Bilbao (Panama) SA (Spain) (Banco Bilbao (Panama), SA (Spain))
Banco Central SA (Spain) (Banco Central, SA (Spain))
Banco Komersial Antioch SA (Colombia) (Banco Comercial AntioqueЯo, SA (Colombia))
Banco Komersial de Panama SA (BANKOMER) (Panama) (Banco Comercial de Panama, SA) (BANCOMER) (Panama)
Banco Continental de Panama SA (Banco Continental de Panama, SA (Panama))
Banco de Bogota SA (Colombia) (Banco de BogotА, SA (Colombia))
Banco de Iberoamerika SA (Multinational) (Banco de IberoamИrica, SA (Multinational))
Banco de Latinoamerika SA "BANKOLAT" (Panama) (Banco de LatinoamИrica, SA "BANCOLAT" (Panama))
Banco del Comercio SA (Colombia) (Banco del Comercio, SA (Colombia))
Banco del Eastman SA (Panama) (Banco del Istmo, SA (Panama))
Banco DISA SA (Panama) (Banco DISA, SA (Panama))
Banco SA to Brazil (Brazil) (Banco do Brasil, SA (Brasil))
Banco Exterior, SA (Spain) (Banco Exterior, SA (Spain))
Banco Ganadero SA (Colombia) (Banco Ganadero, S. A. (Colombia))
Banco Generale SA (Panarna) ((Banco General, SA (Panarna))
Banco Industriale Kolombiano de Panama SA (Colombia) (Banco Industrial Colombiano de Panama, SA (Colombia))
Banco Internacional de Costa Rica SA (Costa Rica) (Banco Internacional de Costa Rica, SA (Costa Rica))
Banco Internacional de Panama SA "Beep" (Panama) (Banco Internacional de Panama, SA "BIPAN" (Panama))
Banco Latinoamericano de Eksportasiones SA "BLADEX" (Multinational) (Banco Latinoamericano de Exportaciones, SA "BLADEX" (Multinational))
Banco de la Vivienda Panama (Panama) (Banco PanameЯo de la Vivienda (Panama))
Banco Pan SA "PANABANK" (Panama) (Banco Panamericano, SA "PANABANK" (Panama))
Banco Santander SA of Panama (Spain) (Banco Santander Panama, SA (Spain))
Banco UniСn SA - Syukyursal Panama (Venezuela) (Banco UniСn, CA-Sucursal Panama (Venezuela))
Bank Leumi Le-Israel, MM (IzrailBank Leumi Le-lsrael BM (Israel))
Banque nationale de Paris, "Panama SA (France) (Banque Nationale de Paris "Panama", SA (France))
Chase Investment Bank Panama SA (USA) (Chase Investment Bank "Panama", S A. (USA))
Citibank NA (USA) (Citibank NA (USA))
Sitikor International Bank SA (USA) (Citicorp Intemational Bank, SA (USA))
Deutsch Zyudamerikanishe Bank AG (Germany) (Deutsch Sudamerikanische Bank, AG (Germany))
Corea Exchange Incorporated strives Bank (Korea) (Korea Exchange Bank (Korea))
Lloyds Bank PLC (United Kingdom) (Lloyds Bank, PLC (United Kingdom))
Neshnl Merchant Bank (USA) (Merchant National Bank (USA))
Multikredit Bank Inc. (Panama) (Multicredit Bank Inc. (Panama))
Example of Banco de Ahorros "PRIBANKO" (Panama) (Primer Banco de Ahorros, "PRIBANCO" (Panama))
State Bank of India s (India) (State Bank of India (India))
The Bank s Nova Scotia (Canada) (The Bank of Nova Scotia (Canada))
S Bank of Tokyo, Ltd.. (Japan) (The Bank of Tokyo, Ltd. (Japan))
Chase Manhattan Bank NA (USA) (The Chase Manhattan Bank, NA (USA))
Dai Ichi Kang, LTD. (Japan) (The Dai-lchi Kangyo Bank, Ltd. (Japan))
First Bank Neshnl s Boston (USA) (The First National Bank of Boston (USA))
Hong Kong And Shanghai Banking Corporation Limited (Hong Kong) (The Hong Kong and Shanghai Banking Corporation Limited (Hong Kong))
Mitsui Taiyo Kobe Bank, Ltd.. (Japan) (The Mitsui Taiyo Kobe Bank, Ltd. (Japan))
Sunway Bank, Ltd.. (Japan) (The Sanwa Bank, Ltd. (Japan))
Sumitomo Bank, Ltd.. (Japan) (The Sumitomo Bank, Ltd. (Japan))

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