{"id":6149,"date":"2012-10-22T16:23:21","date_gmt":"2012-10-22T21:23:21","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=6149"},"modified":"2012-10-23T10:38:25","modified_gmt":"2012-10-23T15:38:25","slug":"your-money-panama-banks-and-non-banks-where-to-keep-it","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/your-money-panama-banks-and-non-banks-where-to-keep-it\/","title":{"rendered":"Your money &#8211; Panama Banks and non-banks. Where to keep it."},"content":{"rendered":"<p>Responsible Banking\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Or not so&#8230;.<\/p>\n<p><a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/global.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6152\" title=\"global\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/global.jpg\" alt=\"\" width=\"280\" height=\"400\" srcset=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/global.jpg 280w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/global-210x300.jpg 210w\" sizes=\"auto, (max-width: 280px) 100vw, 280px\" \/><\/a> <a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/scam.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6153\" title=\"scam\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/scam.jpg\" alt=\"\" width=\"266\" height=\"401\" srcset=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/scam.jpg 631w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/scam-199x300.jpg 199w\" sizes=\"auto, (max-width: 266px) 100vw, 266px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">This article comes under the category of &#8220;Folks, please do not check your brains in at customs&#8221;.<\/p>\n<p style=\"text-align: justify;\">The list of banks in Panama are registered at this <strong><a href=\"http:\/\/www.superbancos.gob.pa\/en\/about-sbp\" target=\"_blank\">site<\/a><\/strong> and are highly regulated in Panama.\u00a0 If they are not listed then they are not a bank.\u00a0 There is no FDIC insurance here so the stockholders of the banks take business very seriously unlike the banks that gave away money in the US before the crisis or invested in subprime instruments.\u00a0 To my knowledge none of the banks here were damaged by the fiasco that struck worldwide in 2008. I continue to keep my money in two good banks here in Panama.<\/p>\n<p style=\"text-align: justify;\">Non Banks<\/p>\n<p style=\"text-align: justify;\">Pronto Cash, COACCESS and more non-banks have been investigated and in some cases seized and shut down for problems as was noted in July of this year on one credit union when the governing body issued \u00a0Resolution JD\/11\/2012, authorizing the intervention, indicated that the audit that was carried out \u201cdetails an alarming deterioration of financial and administrative organization at this cooperative and that such circumstances pose a serious risk to the investments by the cooperative and therefore the money from partners and third parties.<\/p>\n<p style=\"text-align: justify;\">Now with good investigative reporting Don Winner of the Panama Guide reports on Financial Pacific Inc here in Panama.\u00a0 I always like the flashy full page ads in the best travel magazines in Panama.\u00a0 As they say in fishing, you have to have a good presentation of the bait in the water behind the boat and evidently they did.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/finanacial-pacific2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-6154\" title=\"finanacial pacific\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/finanacial-pacific2-1024x257.jpg\" alt=\"\" width=\"658\" height=\"165\" srcset=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/finanacial-pacific2-1024x257.jpg 1024w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/finanacial-pacific2-300x75.jpg 300w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/finanacial-pacific2.jpg 1049w\" sizes=\"auto, (max-width: 658px) 100vw, 658px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Panama Superintendency of Securities Takes Control Of Pacific Financial Inc.<\/strong><strong> <\/strong><\/p>\n<p style=\"text-align: justify;\">The Pacific Financial Inc. brokerage firm, dedicated to the management  of foreign investment, is subject to a process of reorganization,  effective October 16, as revealed by a resolution issued by the  Superintendency of Securities. The Superintendent has appointed the  attorney Maruquel Gisela Pab\u00f3n Ram\u00edrez to reorganize the brokerage firm  for a period of 30 days, after which a report must be filed in order to  preserve the solvency of the institution.<\/p>\n<p style=\"text-align: justify;\">The reorganization has its antecedents in a formal investigation by  the Superintendency of Securities, after an unidentified investor in  Pacific Financial submit a complaint to the regulator &#8220;on the management  of his investment account.&#8221;<\/p>\n<p style=\"text-align: justify;\">In addition to this, in March the Superintendent ordered a  special investigation into the brokerage firm regarding the possible  &#8220;massive and public offering of shares that are not registered.&#8221;<\/p>\n<p style=\"text-align: justify;\">In October, the general managers of the Stock Exchange and the  Latinclear Central Securities , Roberto Brenes and Ivan Diaz,  respectively, sent to the Superintendent a communication indicating  there was a difference between the &#8220;cash balance recorded in the  accounts of [its] customers [&#8230;] with bank balances [&#8230;] for  approximately seven million dollars.&#8221;\u00a0 OOOOPPPPSSS!!<\/p>\n<p style=\"text-align: justify;\">Also in October, the Superintendent ordered an administrative  investigation into the brokerage firm because it had found they had  &#8220;fixed term accounts that had not been revealed&#8221; in financial  statements.<\/p>\n<p style=\"text-align: justify;\">At the end of 2011, Financial Pacific was the fourth largest  brokerage firm in Panama, according to their investment portfolio,  having a total of $135.2 million dollars under their management. The  firm had experienced a fall of 14.4% in this amount between 2010 and  2011. Its directors are West Vald\u00e9s, Iv\u00e1n Clare Arias, Ori Sasson Zbeda  and Ana Dora Levy de Zbeda.<\/p>\n<p style=\"text-align: justify;\">We (La Prensa) tried to contact the office managers, but at press time had not received a response. (Prensa)<\/p>\n<p style=\"text-align: justify;\"><strong>$7 Million Dollars Apparently Missing From Financial Pacific Inc. in Panama<\/strong><\/p>\n<p style=\"text-align: justify;\">A difference of seven million dollars between the amounts recorded and  the reality of the bank accounts of the brokerage firm Financial  Pacific, Inc. was one of the causes that led to its reorganization. The  reorganization was ordered on 16 October by the Superintendency of  Securities, which appointed the attorney Maruquel Gisela Pabon de  Ramirez to conduct the proceedings.<\/p>\n<p style=\"text-align: justify;\">According to the resolution from the Superintendency that ordered the  reorganization, on 10 October 2012 the regulator received from Roberto  Brenes and Ivan Diaz, the GMs of the Panama Stock Exchange and the  Central Latinoamericana de Valores, respectively, a communication that  alerted them of a possible irregularity.<\/p>\n<p style=\"text-align: justify;\">The letter states that a routine inspection by both equities  revealed that &#8220;the cash balance recorded [of Financial Pacific, Inc.] in  the accounts of its customers does not match the  investment bank  balances these accounts should have by the amount of approximately seven  million dollars.&#8221;<\/p>\n<p style=\"text-align: justify;\">It was learned the reorganization team seeks to complete an  analysis of the Financial Pacific situation within the 30-day period  granted by the resolution, in order to determine the actions to be  taken.<\/p>\n<p style=\"text-align: justify;\">La Prensa also obtained information that the managers of the  brokerage firm have filed a criminal complaint against one of their  employees for unauthorized transactions. (Prensa)<\/p>\n<p style=\"text-align: justify;\">More to follow I am sure!!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Responsible Banking\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Or not so&#8230;. This article comes under the category of &#8220;Folks, please do not check your<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[42,16,18,19,14,11,6,20,31,7,44],"class_list":["post-6149","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective","tag-estate-homes-in-panama","tag-estate-planning","tag-foundations","tag-investments-in-panama","tag-legal-issues","tag-offshore-real-estate","tag-panama","tag-panama-economics","tag-panama-property-exchange","tag-panama-real-estate","tag-travel-to-panama"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Your money - Panama Banks and non-banks. Where to keep it.  - Blog and Newsletter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/your-money-panama-banks-and-non-banks-where-to-keep-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Your money - Panama Banks and non-banks. Where to keep it.\" \/>\n<meta property=\"og:description\" content=\"Responsible Banking\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Or not so&#8230;. 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