Banking reforms in Panama are on their way
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Banking reforms in Panama are on their way
September 20, 2007
Bank Superintendent proposes to strengthen and revise current banking legislation.
The market continues to be attractive for big corporations, such as the French Calyon Bank.
Olegario Barrelier, Panama’s Bank Superintendent, recognized that money laundering takes place
in the country, as occurs in other countries that attempt to be models to follow in the fight against
this affliction.
“It affects and embarrasses us that this occurs in our country,” said Barrelier when advocating for
immediate reforms to the existing legislation. Barrelier proposes making legislation more robust
and more adequate in light of the new trends that arise when fighting against money laundering,
adding that they are already working on this.
“We should modernize our laws, not because somebody is forcing us to, but because it is in the
best interests of Panama to not leave the country in the hands of delinquents,” the superintendent
responded to the representatives’ questions, taking advantage of his appearance before the
Budget Commission.
He insisted that it should not be a consolation for the Panamanians in New York, Marseilles,
Antwerp, Naples and the Mexican-American border, among others, where more money in
laundered than in Panama.
In order to modernize legislation, Law 9 of 1998 must be modified, which regulates banking
activity, in the chapter that outlines the amount of reserves that should be maintained.
Furthermore, Law 42 of October 2000 must be modified, which establishes the means to prevent
money laundering, in order to include new methods and professions, such as lawyers and
accounts.
Calyon Bank may come
Barrelier emphasized the importance of continuing to work on strengthening the image of Panama’
s banking center, in order to continue maintaining its relevance and attractiveness to big entities
such as Calyon, France’s largest private bank, which is exploring the possibility of setting up
operations in Panama.
“They have approached the Superintendent to learn more about the system,” mentioned an official,
adding that they have received 16 applications this year from banks from diverse nationalities
interested in operating in the Panamanian market.
<<Return to News
Banking reforms in Panama are on their way
September 20, 2007
Bank Superintendent proposes to strengthen and revise current banking legislation.
The market continues to be attractive for big corporations, such as the French Calyon Bank.
Olegario Barrelier, Panama’s Bank Superintendent, recognized that money laundering takes place
in the country, as occurs in other countries that attempt to be models to follow in the fight against
this affliction.
“It affects and embarrasses us that this occurs in our country,” said Barrelier when advocating for
immediate reforms to the existing legislation. Barrelier proposes making legislation more robust
and more adequate in light of the new trends that arise when fighting against money laundering,
adding that they are already working on this.
“We should modernize our laws, not because somebody is forcing us to, but because it is in the
best interests of Panama to not leave the country in the hands of delinquents,” the superintendent
responded to the representatives’ questions, taking advantage of his appearance before the
Budget Commission.
He insisted that it should not be a consolation for the Panamanians in New York, Marseilles,
Antwerp, Naples and the Mexican-American border, among others, where more money in
laundered than in Panama.
In order to modernize legislation, Law 9 of 1998 must be modified, which regulates banking
activity, in the chapter that outlines the amount of reserves that should be maintained.
Furthermore, Law 42 of October 2000 must be modified, which establishes the means to prevent
money laundering, in order to include new methods and professions, such as lawyers and
accounts.
Calyon Bank may come
Barrelier emphasized the importance of continuing to work on strengthening the image of Panama’
s banking center, in order to continue maintaining its relevance and attractiveness to big entities
such as Calyon, France’s largest private bank, which is exploring the possibility of setting up
operations in Panama.
“They have approached the Superintendent to learn more about the system,” mentioned an official,
adding that they have received 16 applications this year from banks from diverse nationalities
interested in operating in the Panamanian market.
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