Panama Real Estate Blog

Panama Banking Still Under Pressure

The continuing debate as to Panama’s banking system’s transparency is continually reported in the media, with claims such as ‘Panama holds out’ and ‘No questions asked banking’ making the country’s baking system look both sinister and possibly the last remaining source of hidden funds, from tax. Panama was singled out as an offender, when the G20 countries summit declared that the era of banking secrecy should come to an end.

Panama was highlighted last year with the incident of the British canoeist, Darwin, faked his own death and was found to be living in Panama, with an apartment in Panama City and an area of rain forest he had hoped to develop into an eco tourism attraction.

The OECD will investigate Panama’s current transparency as well as developments within the banking industry and is due to report to Ministers in November when they meet again in Scotland.

Liked this post? Subscribe to my RSS feed and get loads more!