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Panama Banking: Is Your Money Safe in a Panama Bank?

By: Kenneth Rodeislan


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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's offshore banking success story can be attributed to the fact that the United States removed Panama from the uncooperative tax haven list after Panama overhauled it's banking standards and regulation to help the international community root out serious criminals such as drug traffickers.

Panama has also become an industry leader in the banking and financial sectors in that they have announced their support of the FATF and OECD movements. Implementation of measures to combat money laundering and terrorist funding activities occurred due to these measures .

Deposits and withdrawals of large amounts of money are now reported under the newer tighter control system but it should be noted that the banking secrecy and privacy laws in Panama are the strongest in the world. So long as you are not wiring in funds from illegal activity you have nothing to fear by banking in Panama.

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.

These are areas where banking in Panama has shown the most improvement and that improvement continues today. Despite these measures though, the offshore banking community can still take advantage of the privacy protection that the Panamanian jurisdiction provides.

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.

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For a greater understanding and more reading material about the offshore services industry or to get a Panama bank account please visit the OffshoreLegal.org website.



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