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Secrecy and
Laws - Offshore
Banking in Panama
Panama's offshore
banking sector
no longer uses
numbered accounts.
In fact, there
are no longer
any numbered
bank offshore
bank accounts
in any offshore
jurisdiction
in the world.
They are not
allowed. So,
Panama uses
different methods
of security
to meet the
needs of those
clients who
want to do their
banking anonymously.
These methods
include the
formations of
foundations
and corporations.
These financial
structures can
only be done
by lawyers,
hence increasing
the security
by including
the lawyer/client
confidentiality
agreement. But
someone has
to be a signatory
on the bank
account, so
how do you know
that your name
is safe at the
bank? That is
because Panama
has strong Banking
Secrecy Laws. |
Article 65 of
Cabinet Decree
238 says that
the National
Banking Commission
may only inspect
the general
bank books and
not single out
individual bank
accounts. This
can only be
broken by a
court order.
Article 74 of
Decree 238 say
that the Banking
Commission cannot
investigate
individual banking
clients. Even
if someone comes
up with something
they cannot
reveal their
information.
If they do they
will be subject
to Article 101
which is a monetary
fine. This can
also be broken
by a court order.
Article 65 of
Cabinet Decree
238 says that
the National
Banking Commission
may only inspect
the general
bank books and
not single out
individual bank
accounts. This
can only be
broken by a
court order.
Court orders
are only used
in serious crimes
include terrorism,
child pornography,
money laundering
and drug smuggling.
Panama doesn't
like to go against
its secrecy
laws and it
is only under
suspicion of
serious criminal
activity where
it will consider
it.
Articles 168
and 170 of the
Panamanian Criminal
Code talk about
criminal prosecution
for violation
of the Banking
Secrecy Laws.
In the case
of people who
had this information
due to their
professions
would lose the
authority to
practice their
professions
for two years.
This is to cover
all Panama foundation
council members
or corporation
directors, to
further ensure
the safety of
offshore assets.Anyone
is possession
of private documents
who discloses
the information,
or anyone in
possession of
such information
which chould
cause damages
and discloses
it with out
consent could
got to prison
for 10 months
to 2 years!
So, Panama is
willing to hold
off the world
to up hold it's
Banking Secrecy
laws. That alone
should comfort
you that your
assets are safe
and secure. |
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