Why is this important
The exclusion of Panama from the list of jurisdictions requiring enhanced currency control affects the conditions for conducting international financial operations for businesses and individuals. This can simplify cross-border settlements and reduce administrative burden when working with Panama counterparties.
What happened
- Panama has been excluded from the list of countries with which operations are subject to enhanced currency control.
- Amendments have been made to the Regulation on the Procedure for Monitoring the Validity of Currency Transactions of Legal Entities and Individuals.
Numbers and facts
- The document was approved by a joint resolution of the Tax Committee, the Ministry of Economy and Finance, and the Central Bank.
- The current list includes 68 countries that provide a preferential tax regime or do not provide for the disclosure of information during financial transactions.
Context
- Enhanced currency control is applied to operations with higher risk jurisdictions, including offshore zones and territories with a low level of disclosure of financial information.
- The change in the list reflects updated regulatory assessments regarding the transparency of international financial flows.
