One of the least well known pearls of the Latin American part of the world is the city of Panama. Currently experiencing a construction boom that has over 450 skyscrapers being built or in the process of acquiring permits to build. Panama has long attracted international shipping companies due to the Panama canal and Colon free trade zone but more and more investors and businessmen are finding out about offshore banking and company formation in Panama and realizing they have some of the best advantages available in the world today to protect privacy. Panama's offshore banking success story can be attributed to the fact that the United States removed Panama from the uncooperative tax haven list after Panama overhauled it's banking standards and regulation to help the international community root out serious criminals such as drug traffickers. Panama has also become an industry leader in the banking and financial sectors in that they have announced their support of the FATF and OECD movements. Implementation of measures to combat money laundering and terrorist funding activities occurred due to these measures . Under the new rule enforcement large deposits and withdrawals must pass a screening system where suspicious transactions are reported to international monitoring agencies. It should be noted that so long as you are not committing any illegal acts and are strictly using Panama as a privacy haven you will never run into problems. Panama's banking secrecy laws protect you as an account signatory and this information can only be passed to Panama authorities under a court order. Your corporate bank account transactions will only be executed in the name of the corporation not your personal name. Also, your corporation can be registered anonymously in bearer share form in Panama making this asset protection and privacy protection the best available in the world today for a non blacklisted country. Panama became very aware that it had to start "cleaning up its image" several years ago, and as a result, they went on a mission to enhance that image and implement the improvements necessary to make them a major player in the offshore banking market. Knowing your customers more thoroughly includes tighter reference requirements as well as fund origination. Panama has climbed to the top of the offshore banking world and is arguably right behind Switzerland in popularity now. Switzerland gets all the spotlight and Panama is just fine with that. Panama continues to enforce it's banking secrecy laws with vigor as they know their international reputation depends on it. Cleaning up the banking system in Panama and removing criminals ability to easily and anonymously move money through their banks is also great for the new generation of offshore banking clients choosing Panama. Since Panama has cleaned up their image quite a bit it means those who choose to bank there will also be viewed under the same light. As the only saying goes if you sleep with dogs you will get fleas. Panama has done a great job cleaning up it's image and it's customers are the one's to reap the rewards. Panama's banks and government are doing everything in their power to maintain the good reputation they have built since billions of dollars and over 40,000 Panamanian jobs in the banking industry are at stake. They are not going to break their own rules to deal with a criminal if they can avoid it and happily scrutinize customers more closely when setting up bank accounts.
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