Panama makes it onto the financial map of the world
At 0800 hours Monday the Tenth Annual Caribbean Conference of Step got underway. Step is an organization founded in 1991 in the United Kingdom, with a membership of experts in finance and administration of wealth.
Monday, May 5, 2008
The president of the Panama chapter of Step, Dayra Berbey de Rojas of Morgan & Morgan, said it's important for Panama to be active in this activity because it promotes the nation's image as an important provider of investment services.
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Although it is still awaiting regulation, Act 741 of the trust agreement will enable new ways of doing business in Nicaragua.
The Superintendency of Banks in Panama is working on adapting and updating the trust legislation to take into account international standards.
The government of Panama intends to create a trust fund fed by payments from buyers of construction sites, to be used as collateral against the project being abandoned or defects being discovered.
The Superintendency of Banks in Panama is working on a bill to amend the Trusts Act governing the trust business in the country.
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