While not a true bearer share certificate, these were the first Panama Corporation stocks sold.  Bearer share certificates are common in Panama and is the way most property is owned allowing for a degree of anonymity.  That too may change and go the way of the Panama Canal Company.

A law is being studied, which would immobilize bearer shares, in accordance with recommendations from international organizations relating to combating money laundering.

Frank De Lima, Minister of Economy and Finance, said that “Panama will not be less competitive if the law is created, it will improve its image on the issue of tax evasion and money laundering.”

The adequacy of the rules governing financial activities in Panama in relation to requirements by organizations such as the OECD, has raised concerns as to whether these reforms would cause the Panamanian banking center to lose competitiveness.

The minister said that “even the Panama Banking Association is requesting a law to that effect, and those opposing it, who state that there would be an exodus of capital, are only a couple of law firms who would lose their business.”

Source: laestrella.com.pa