Although it has not been defined yet which law enforcement model will be adopted in Panama, financial institutions can now register with the IRS directly.
Foreign Financial Institutions have until January 1, 2015 to register with the Internal Revenue Service (IRS) of the United States directly. Alberto Diamond, Superintendent of Banks, said the agreement for the implementation of the law is scheduled to be signed in the month of October.
Edgar Lópezlena, FATCA specialist at the firm auditing RSM International told Laestrella.com.pa that “… Those companies or organizations that suspect they may be subject to FATCA are analyzing global transactions in order to identify if there any people subject to withholding. ”
Source: laestrella.com.pa
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