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panamajames
Joined 2012
Posts: 5096

11 years ago

Martinelli Makes a U Turn on Bearer Shares

11 years ago

Panama does U-turn on bearer shares
THURSDAY, 11 APRIL 2013 09:59

President Martinelli's administration has changed its position and halted the Bill on bearer shares.
This topic has been critical in heated debates regarding its usefulness, and which up until now had been advocated by the Minister of Economy and Finance, Frank De Lima saysCentralAmericaData.
"With less than two months to go before the key date for approving the bill which seeks to immobilize bearer shares, the administration of Ricardo Martinelli, who defended the move, has made a u turn and decided to suspend the debate in the National Assembly. "
"... In 2011 the OECD removed Panama from the list of "tax havens", but the agency must assess whether the Panamanian laws effectively allow the exchange of financial information. "
"... Sources have indicated that the u turn is a result of pressures of heavy lobbying by a group of jurists and lawyers led by Eduardo Morgan, Jr., who have opposed the proposal, arguing that it affects national integrity ." according to La Prensa.”
The move comes after the recent revelations that scores of big shooters around the world are still using Panama as a tax haven.

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