 |
GreatAttorneyDirectory.com is an online resource containing links related to attorney, law firms, civil litigation, property, business law, bankruptcy law, family law, aw offices and more. |
 |
|
|
|
|
Articles
Home
> Articles
Attorney Web Directory and
Resources |
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
