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

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 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 .

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 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.

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 of Panama and Panama’s banking industry are working together and know the value a good reputation has in the international community. There are literally billions of dollars at stake to maintain this position and Panama bankers will not accept clients that will do anything to draw attention to the nice little system they have created for their customers. Criminals stay away.