{"id":16198,"date":"2016-03-22T11:49:50","date_gmt":"2016-03-22T16:49:50","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=16198"},"modified":"2016-03-22T11:49:50","modified_gmt":"2016-03-22T16:49:50","slug":"panamas-progress-report","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panamas-progress-report\/","title":{"rendered":"Panama\u2019s Progress Report"},"content":{"rendered":"

\"PANAMA82\"<\/a><\/p>\n

Thanks and a hat tip to Chip Pickard for this excellent article.<\/p>\n

There is no other way to put it: Panama is booming. This year the economy is expected to grow by 6%, that\u2019s ten times more than the regional average. But the one-year-old administration of President Varela isn\u2019t resting on its laurels. It is enacting a series of new legislation to enhance Panama\u2019s status as a financial centre.<\/p>\n

Of course while 6% annual GDP growth is not to be sniffed at, it\u2019s actually down from 6.4% in 2014 and 8% in 2015. Many would see this as a sign of an economy running out of steam but Meliton Arrocha, Minister for Trade and Industry, disagrees.<\/p>\n

Meliton Arrocha, Minister for Trade and Industry<\/p>\n

\u201cWe\u2019re actually trying to manage a controlled deceleration because the old rate of growth, which some times hit the double digits, wasn\u2019t sustainable. For a dollarized economy like Panama, that can\u2019t control monetary policy, high inflation can be very dangerous, so we had to make sure that the economy didn\u2019t overheat.\u201d<\/p>\n

The other element that this administration has been keen to bring under control is government debt, which spiralled under previous president Ricardo Martinelli. \u201cOur debt to GDP ratio is solid and we are ranked as investment grade by the ratings agencies but we felt that the path of the last government wasn\u2019t sustainable. Lots of infrastructure projects were being funded through debt, which would have eventually led to debt servicing becoming more onerous. So we decided to evaluate projects more carefully and make sure that the money was being spent wisely.\u201d<\/p>\n

In effect, says Minister Arrocha, the shift is to a model where the government has a smaller role in the economy, which should create more opportunities for other sources of funding. Given that Panama attracted around $5billion of foreign direct investment last year, it shouldn\u2019t be too hard to persuade international investors to fill that gap.<\/p>\n

Financial hub<\/strong><\/h4>\n

Panama is famous for its canal, which sees 14,000 ships pass through its locks every year. But it\u2019s also an important conduit for capital with a robust banking system and extensive offshore finance platforms. Yet Panama\u2019s status as a finance hub came under attack last year when the OECD\u2019s Financial Action Task Force (FATF) placed Panama on its compliance \u2018Grey List\u2019, indicating that the country had to do more to combat money laundering and funding of terrorism. Many in Panama were angered by the decision, which placed Panama in the unlikely company of countries such as Afghanistan and South Sudan. But, as Finance Minister, Dulcidio de la Guardia, told LatAm INVESTOR earlier this year, the government made getting off the list a priority.<\/p>\n

\u201cBeing on this list definitely matters\u201d, explains Ricardo Fernandez, Panama\u2019s Superintendent of Banks. \u201cI used to be a banker in the private sector and when a country is on observation lists it\u2019s an important matter. It makes entities in the country higher risk from a compliance perspective and can affect their medium or long-term financing \u2013 so it\u2019s a serious issue.\u201d As a result Panama has enacted a wave of new legislation to help tackle the issues raised by FATF.<\/p>\n

\u201cWe\u2019ve done a lot in a small period of time\u201d, says Fernandez. The two major pieces of legislation is Law 47, which tackles the issue of \u2018bearer shares\u2019, and Law 23, which combats funding of terrorism. \u201cThe fact that the government could pass legislation on \u2018bearer shares\u2019, was particularly impressive\u201d, says Superintendent Fernandez, \u201cthat was like a sacred cow that nobody in Panama wanted to touch.\u201d<\/p>\n

Of course, you expect government officials to talk up their administration, but the private sector seems supportive to. \u201c\u201dThe current government has successfully managed this impasse with exceptional diplomatic manoeuvring\u201d says Rams\u00e9s Owens, Senior Partner at Owens & Watson, a specialist law firm that also offers offshore trust services. \u201cFor a long time, we were part of a group of legal and trust service firms that opposed these changes to the Bearer shares system. As a result of the heavy pressure coming from the OECD and the Financial Action Task Force we recognised that reforming the law was inevitable. If you look at other jurisdictions, such as the British Virgin Islands \u2013 where a similar reform in 2004 practically abolished bearer shares \u2013 it is evident that these reforms are not impeding legal services to continue. However, our previous arguments for maintaining bearer shares, were based on the fact that other offshore jurisdictions, such as Liberia and the Marshall Islands, still provide bearer shares without custody. Essentially, we now argue that the worldwide legal services system should immobilise bearer shares in order to create a level playing field across jurisdictions.\u201d<\/p>\n

we are devoting a lot of resources to FATF matters and also sharing the best practises with other Panamanian institutions\u2026<\/p>\n

Of course passing the laws is only half the battle, Panama also has to show that it is forcing companies to comply with them. \u201cWe have really staffed up\u201d, says Superintendent Fernandez, \u201cwe are devoting a lot of resources to FATF matters and also sharing the best practises with other Panamanian institutions.\u201d Indeed, last year, a high-level government delegation recently travelled to Quito to demonstrate to FATF officials how Panama\u2019s new systems use the Public Registry database to show if a Panamanian corporation has filed to immobilize\u00a0their bearer shares and also learn the name of the authorized custodian. Now, if everything goes to plan, the next step will be a site visit from FATF official to Panama, which, if successful, would lead to Panama\u2019s removal from the \u2018grey list\u2019 in 2016.<\/p>\n

But Fernandez isn\u2019t stopping there. He\u2019s also sent another piece of legislation to Congress, which overhauls the regulatory framework for Panama\u2019s booming trust industry. \u201cThis trust law reform is really a case of updating the existing legislation and making it more robust. We\u2019ve been very careful not to damage the competitive advantages of Panama\u2019s trust industry or change its role.\u201d<\/p>\n

Competitive but clean<\/strong><\/h4>\n

The phrase \u2018robust regulation\u2019 is one that many financial service firms would fear, yet so far the reaction among Panamanian fund providers has been upbeat. \u201cThere are some positive moves in the trust law, which actually increases some of the services that we will be able to provide\u201d, says Owens. \u201cOne of Panama\u2019s main strengths is that it isn\u2019t just an offshore platform but that it combines those services with other assets. Indeed the strategy of our firm, Owens & Watson, has been to build out a portfolio of services, from litigation to immigration, which we can combine with our trust platforms to give our clients a more complete offering. So in that sense, reforms that modernise and strengthen Panama\u2019s status and reputation as a leading financial hub are actually beneficial for us.\u201d<\/p>\n

One of Panama\u2019s main strengths is that it isn\u2019t just an offshore platform\u2026<\/p>\n

Getting off the \u2018Grey List\u2019 and updating trust regulations, will no doubt help to boost Panama\u2019s reputation in the financial world. However, the story that is grabbing all of the headlines at the moment is the ongoing investigations into the alleged corruption of the previous administration. Former President Martinelli is has been charged in his absence \u2013 he\u2019s gone to the US, claiming that the allegations are politically motivated. Meanwhile a string of high-ranking figures from his government, including former ministers and Supreme Court judges, are under arrest.<\/p>\n

Allegations of such high-reaching and extensive corruption could scare international investors into assuming that Panama is a corrupt place to do business, yet Minister Arrocha believes that investors should see the positives. \u201cThere will always be corruption, in any business environment. The important thing to ask is: does the local legal system work or not, and can it fight that corruption? If you look at Panama you can see an independent legal system that is clearly fighting corruption. The fact that it is taking on such high profile figures shows that it can bring anyone to justice, regardless of social, economic or political status.\u201d<\/p>\n

Derek Sambrook, a British national and Managing Director of Trust Services, a Panama-based trust provider, agrees. \u201cI\u2019ve been here for almost 20 years and the business environment here is good. Moreover in the time that I have been here, I have seen an improvement \u2013 it\u2019s on an upward trend.\u201d<\/p>\n

Panama\u2019s financial centre offers a myriad of opportunities for UK investors<\/p>\n

Indeed it\u2019s an area that Britain, which is the third-biggest foreign director in Panama, is keen to co-operate. Hugo Swire, the Foreign and Commonwealth Office Minister responsible for Latin America, believes that the UK can play a big role. \u201cWe are working together with the Panamanian government to increase transparency, and also tackle corruption and money laundering. For example, as part of our cooperation, the UK has a Crown Prosecution Service adviser working with Panamanian stakeholders to strengthen the justice system \u2013 fostering a predictable business environment; and our National Crime Agency cooperates with its Panamanian counterparts to tackle the types of international crime that can damage investor confidence.\u201d<\/p>\n

There are a range of different schemes being run by the British Embassy in Panama, including one that offers \u201cadvice in expanding the range of Panama\u2019s financial services\u201d. This isn\u2019t pure-hearted altruism on the part of the British government. It recognises that Panama is on the path to becoming \u201cthe Singapore of the Americas\u201d and it is keen to help UK plc play an important role in this success story.<\/p>\n

For his part, Superintendent Fernandez believes Panama\u2019s financial sector has a lot to offer British firms. \u201cThe large corporations present in Panama are a mix of borrowers and cash cows which means that there is plenty of local funding available. And with $30billion of new infrastructure projects in the pipeline for the coming years, there will be lots of work for banks. Moreover Panama\u2019s location means that a bank based here can handle business from around the region. Britain is a leading player in global finance so it\u2019s a good fit with Panama.\u201d<\/p>\n

Slowly but surely Panama\u2019s political and financial elites have taken steps to see off threats to the country\u2019s status as a financial hub. Some international critics have bemoaned the time that Panama has taken to enact the reforms but Owens believes that they are missing the point. \u201cIt\u2019s true that Panama embarked on a period of debate and reflection before enacting these changes but that\u2019s because we wanted to make sure that this was the right move for us. We don\u2019t just follow international orders blindly but we evaluate them and make sure that they fit in with our vision of Panama and our international clientele. That\u2019s what happened in this case. Ultimately Panama is a small country of just 4 million people but with an economy of around $50billion GDP, so that makes us very international and open to incoming investment.\u201d<\/p>\n

The high-profile fight against corruption and the moves to improve its FATF compliance show that Panama is keen for clean finance. The result is fast-growing, well-managed economy with an improving business environment in a strategic location. All of which means that Panama will become an increasingly important part of UK plc\u2019s Latin America strategy.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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