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Panama: Banks Have Concerns With U.S. Deal Requiring Them to Share Information With The IRS

Article Summary:

Panama Banking Association has concerns over The Law on Foreign Accounts Tax Compliance (FATCA, for its acronym in English), approved by the U.S. Congress, saying it lacks specialized courts of commerce and corporate laws of restructuring.The FATCA shall be binding by all banks in the world. The standard requires all financial institutions doing business with U.S. banks must sign an agreement with the Internal Revenue Service that will compel the country to identify all accounts that Americans hold and then send a report about the movements of these accounts.

Photo Credit: Estrategia y Negocios

Original Article Text From Estrategia y Negocios via Google Translate :

Panama’s Banking Center Calls for More Regulation
The Law on Foreign Accounts Tax Compliance (FATCA, for its acronym in English), approved by the U.S. Congress, lacks specialized courts of commerce and corporate laws of restructuring that are specific issues of concern to the banking sector.

“Last year we had to defend against threats to our remaining competitive banking center, and will also have to do it this year. Some of them do not even know fully what the impact will be, “said Jaime Moreno for taking over as president of the Panama Banking Association (ABP).

The FATCA shall be binding by all banks in the world.

The standard requires all financial institutions doing business with U.S. banks must sign an agreement with the Internal Revenue Service that will compel the country to identify all accounts that Americans hold and then send a report about the movements of these accounts.

We do not know what the economic impact is of developing a systems that allow identification of people from the United States, Moreno said.

Currently, the center has banking assets of U.S. $ 81,242 million and deposits of U.S. $ 58,011 million, according to the Superintendency of Banks.

On the other hand, Moreno indicated that this calls for the creation of specialized courts of commerce and a law of corporate restructuring, and asked the authorities more flexibility with both.

We feel that a corporate restructuring law without the active participation of the ABP is unthinkable, because in the end it will be the most affected.

Link to Original Article:

From Estrategia y Negocios

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