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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Trusts as Business Generators

November 2011

Although it is still awaiting regulation, Act 741 of the trust agreement will enable new ways of doing business in Nicaragua.

Act 741, which concerns trust agreements was approved by the Assembly on November 4, 2010, and published in the Official Gazette on January 19, 2011.

New Strategies for Trusts

September 2012

The Superintendency of Banks in Panama is working on adapting and updating the trust legislation to take into account international standards.

From the press release by the Superintendency of Banks:

SPB presents STEP Latam Conference on new strategies for trusts

The Superintendency of Banks in Panama, took part in the 2nd Conference of STEP (Society of Trust and Estate Practitioners) Latin America, an event which addresses issues related to the trust business.

Trust to Ensure Housing Projects

July 2012

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 Authority for Consumer Protection and Competition (Acodeco) is proposing a trust as part of a system that protects consumers in the event that the promoters of a construction project abandon it or fail to deliver the warranties after completed.

Panama: Changes to Trust Law

November 2012

The Superintendency of Banks in Panama is working on a bill to amend the Trusts Act governing the trust business in the country.

From an article by Manuel Castillo, the Superintendency of Banks of Panama:

Law 1 of January 5, 1984 which governs the trust business in the Republic of Panama, defines trust as a legal act whereby a person called settlor transfers assets to a for a person named as trustee to administer or dispose of them in favor of a trustee or beneficiary, who may be the settlor himself.

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