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Panama Banks: Offshore Banking With Privacy Protection

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.

No other country in Latin America can boast the modernity and financial success Panama and it's banking sector have been able to achieve. This renaissance began after Panama was removed from the uncooperative tax haven list by the United States after Panama revised it's banking laws and made them more transparent with tighter regulations on who they will work with.

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.

Under the new rule enforcement large deposits and withdrawals must pass a screening system where suspicious transactions are reported to international monitoring agencies. It should be noted that so long as you are not committing any illegal acts and are strictly using Panama as a privacy haven you will never run into problems. Panama's banking secrecy laws protect you as an account signatory and this information can only be passed to Panama authorities under a court order. Your corporate bank account transactions will only be executed in the name of the corporation not your personal name. Also, your corporation can be registered anonymously in bearer share form in Panama making this asset protection and privacy protection the best available in the world today for a non blacklisted country.

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.

Cleaning up the banking system in Panama and removing criminals ability to easily and anonymously move money through their banks is also great for the new generation of offshore banking clients choosing Panama. Since Panama has cleaned up their image quite a bit it means those who choose to bank there will also be viewed under the same light. As the only saying goes if you sleep with dogs you will get fleas. Panama has done a great job cleaning up it's image and it's customers are the one's to reap the rewards.

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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Learn more about panama banking or to get a bank account in panama please take the time to visit the author's Panama law firm website.

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