In a statement that gave the company keeps Panama with a risk rating of investment grade (Baa2 with “Stable” outlook) recalled that the initial inclusion of Panama in the “gray list” noted some shortcomings in the regulatory framework that could He has tarnished its reputation as a major regional financial center.

He further stressed that the most important of this legislation is that it allows the Financial Intelligence Unit of Panama (UAF) information sharing entities foreign counterparts, which will improve their effectiveness at the local level.

He added that, for banks, excluding Panama from the “gray list” significantly reduces the risk that their relationships will be lost with correspondent banks with international financial institutions.

“Given the financial system fully dollarized Panama, any significant reduction of financial relations have greatly limited the prospects for bank financing,” he said, so that in his opinion, the decision of Gafi help protect business financing of domestic commercial banks and contribute to its continued access to interbank beyond the borders liquidity, providing an additional tool to mitigate increasing refinancing risks.

Source: Capital.com

A draft law creating a special tax incentive, labor and migration regime for maritime financing entities and companies that carry out fundable maritime projects, according to Cabinet Resolution No. 7, published in the Official Gazette, will be proposed to the National Assembly by the minister of the presidency, Álvaro Alemán.

The  minister Alemán introduced the law before the Cabinet Council on February 2.

The movement of cargo in the national port system last year increased 10%, but still without recovering the 18% it had in 2011.

Source: Panamaamerica.com.pa.

THE GOVERNMENT OF PANAMA HAS READY THE PROPOSED DRAFT REFORMS TO THE PUBLIC PROCUREMENT LAW.

A series of changes was made in the administration of Ricardo Martinelli and according to the proposal “facilitated the non-rational use of public funds, transgressions to the principle of transparency and due process.”

Among the reforms it is proposed to eliminate the hidden price system in the bids for better value, in addition to establishing new controls on the legal inability to contract.

The official price for a public investment project will no longer be hidden in the best value bidding with separate evaluation, a model that was used to contract the construction of line 1 of the Metro in the government of Ricardo Martinelli and also in line 2, In the current administration of Juan Carlos Varela.

Now, the Government proposes that it is necessary to reform the Law of 2006, to relaunch a new collective objective of transparency and efficiency of the administration, and the rational use of the resources of the State.

The preliminary draft will be presented to the Cabinet Council on 19 January and then brought to the Assembly.