Panama Bank AlertSubmitted by indpr on Sun, 11/28/2010 - 01:10
Just got this email
"Below you will find a machine translation of the Tax agreement that is to be signed by Panama and the U.S. on the 30th of November. I have also included an article from La Prensa with comments by the Minister of Finance and other interested parties.
My understanding after reading these brief 12 articles is that it gives the U.S. complete access to any information it may request on any U.S. resident or citizen who it believes may hold assets in Panama.
Last week the minister of Finance and Economy stated that the U.S. would need to have a criminal investigation open on an individual before information could be requested, but I see nothing in this agreement that requires this. I have spoken to several senators this morning who were surprised that the agreement
does not include that requirement and question whether it would be ratified by the assembly without it. We will have to see how the assembly handles it when they get back in session in January.
According to the agreement as it is currently written, the only limitation is that the U.S. cannot just ask for names of U.S. persons who *may* have assets in Panama. They have to have an individuals name and present it to the Panamanian authorities.
I see nothing in the agreement preventing the U.S. from giving a list of names without limit. I see nothing in this agreement that would prevent the U.S. from requesting information on an individual that has done nothing more than traveled to or from Panama.
The requesting party only need contact the requested party with the name and reason for requesting the information (that it falls under tax investigation) and then the requested party is obligated to go to the banks, public registry, legal agents, and investment houses and see what that individual controls. This falls in line with recent changes of the laws in Panama where the beneficial owners of all society anonymous must be on record and the authorities must have
access to this information.
If you are a U.S. resident or citizen and are thought to have any monies or assets held in Panama, the U.S. government now has the right and the means to know about it and only needs to make a request to
Unless the assembly stops this from going forward, it appears that after November 30 2010 and ratification by the assembly, hunting season will be open.
The source for the above is providing a copy of the agreement in its original Spanish at