PANAMA: New laws announced to comply with OECD

The Panamanian Government will present new laws-proposals to comply with the requirements of international organizations for the consideration of the National Assembly.

The Minister of Economy and Finance in charge, reported on the government proposals to boost the competitiveness of Panama’s financial sector and legislative initiatives aimed at complying with international standards of fiscal transparency.

These are on the one hand, the bill that proposes the regulation of the activity of the Call Centers for commercial use; and on the other hand, the bill on intangible assets in special areas, which were approved by the Council of Ministers. Other initiatives that should be discussed in the Assembly are related to Panama Pacífico and Multinational Branches (SEM – by its initials in Spanish).

The government proposal for the modernization of the financial sector was also mentioned, which is already being discussed in the National Assembly and includes four major areas: fintech, new legal vehicles, estate planning and reforms to securities regulation.