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Americans are the new outcasts of banking.
Panama yields to pressure concerning its lax banking laws

Panama said it would make certain adjustments to its banking system recommended by the Organization for the Cooperation and the Economic Development (OECD) and the G-20 Summit leaders, which have often criticized the country for being a fiscal paradise.
Though in a formal statement the country said it acknowledged that "times have changed" and that it will no longer be able to remain "isolated within the world," Vice Minister of Economy Frank de Lima said that the new administration intends to demonstrate that Panama is not a fiscal paradise and will demand recognition of the domestic tax system.
“We will ask for the Member States of the OECD that respect that concept, but that we are conscious that we must make changes in one way or another," explained the vice minister. One change, he said, would be to follow the route Switzerland has taken through the negotiation of treaties for a more transparen exchange of tax information.
De Lima contended that Panama can no longer risk being blacklisted or subjected to sanctions, as France and the United Kingdom have threatened.
Banks in the country have also consented to change their way of business.
Federico Humbert, president of Banco General, said it is important that the banking community understand the economic impact of the OECD pressure and explained that it “would be irresponsible” not to take appropriate actions.
“We at Banco General have already adopted stricter measures to be able to eliminate the obsolete principle of the anonymous client that is protected in joint-stock companies," said Humbert. "We will be adapting other policies to better identify the client."
"The philosophers have only interpreted the world, in various ways. The point, however, is to change it." Karl Marx

"He would, wouldn't he?" Mandy Rice-Davies. When asked in court whether she knew that Lord Astor had denied having sex with her.

“I think it would be a good idea” Ghandi, when asked about Western Civilisation.

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Americans are the new outcasts of banking. - by Magda Hassan - 01-08-2009, 05:31 AM

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