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 has become the most modern and successful country in Latin America and its international banking center can be described in a similar fashion. The country recently enacted legislation that meets the exacting standards for transparency and regulation, and this obviously was the appeal for the 85+ banks from 35 different countries that can be found in Panama.

Panama has taken the gauntlet and run with it by supporting both the FATF and OECD doctrines. These measures were enacted by the international community that is concerned with money laundering, terrorist financing and drug trafficking offenses. A crack down on this type of activity was to be expected after 9 / 11 and Panama and it's banks made the right steps to ensure their place in the international offshore banking community has been protected.

Deposits and withdrawals of large amounts of money are now reported under the newer tighter control system but it should be noted that the banking secrecy and privacy laws in Panama are the strongest in the world. So long as you are not wiring in funds from illegal activity you have nothing to fear by banking in Panama.

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 risen to the top of the pack and become one of the most secure offshore international financial centers in the world through their rock solid banking secrecy laws and steadfast enforcement of these laws.

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.

The government of Panama and Panama's banking industry are working together and know the value a good reputation has in the international community. There are literally billions of dollars at stake to maintain this position and Panama bankers will not accept clients that will do anything to draw attention to the nice little system they have created for their customers. Criminals stay away.