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Panama Pondering Law to Immobilize Bearer Shares

Article Summary:

Panama is considering a law which would immobilize bearer shares in corporations. This consideration is in accordance with recommendations coming from international organizations whose primary goal is to combat money laundering.

Photo Credit: La Estrella

Original Article Text From La Estrella Panama via Google Translate :

Analyze Law to Immobilize Bearer Shares to Combat Money Laundering

The Minister of Economy and Finance, Frank De Lima, said that Panama is considering a law to immobilize bearer shares in order to combat money laundering. De Lima, explained that the initiative comes after that Panama received this recommendation by international bodies to combat this scourge. Meanwhile, said that Panama will not lose competitiveness by creating the law, it will improve its image in the issue of evasion and money laundering. The official also said on TVN News that even the Panama Banking Association is requesting a law to that effect and that opponents arguing that capital flight would only be a couple of law firms that lose their business .

Link to Original Article:

From La Estrella Panama

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