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~Legislation
The Republic of Panama is one
of the world’s main banking centers, as evidenced by the
presence in our country of more than 100 well-known
long-established national and international banks carrying
weight in international financial circles.
It was precisely this
situation that induced our country to promulgate
Executive Order No. 9 of 1998,
which created the Superintendence of Banks and reformed the
banking system, as part of efforts by the national
government and other parts of the financial sector in
particular and civil society in general, to maintain the
Republic of Panama at the forefront of banking services,
bringing it in line with the latest tendencies and
international agreements in this area.
The experience and long
banking history of Panama’s banking center offers local and
foreign investors many advantages, such as: one of the
world’s best banking secrecy laws and updated international
treaties on money laundering and other illicit financial
activities.
In addition, Panama has signed
several international agreements on the prevention of money
laundering and other illegal financial operations; this has
allowed the Panamanian banking center to achieve a high
level of transparency and credibility in the international
arena.
Our Firm focuses on providing
consulting on issues related to complex banking operations
at the various bank regulatory institutions such as the
Panamanian Superintendence of Banks. KOSMAS & KOSMAS also
provides consulting to both national and international
Banking Institutions on day-to-day activities, such as:
banking licenses, mergers and acquisitions between banks,
inter-bank agreements, establishing trust funds and
organizing and establishing foreign and domestic banks
operating under general, international and/or representation
licenses.
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