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FROM THE CHRONICLES of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA~ ~Contributed & Written by Kenneth Rijock
President Juan Carlos Varela, seeking to contain the massive reputation damage that his country is sustaining, by reason of the Panama Papers disclosures, about tax evasion and illicit money hidden by corrupt politicians, through the Mossack and Fonseca law firm, has stated that bearer shares will be shortly abolished. Why should we believe him ?
Much of Panama's attraction, as an offshore financial center and tax haven, is centered around the absolute anonymity that bearer shares deliver, and should such a vehicle no longer be available in Panama, you would see capital flight out of the country, and a serious drop in new business, which would insure a major depression in the local economy. Given only lawyers and law firms can form corporations in Panama, you can count on the legal sector to see that National Assembly never passes sufficient legislation, that would end the laws authorizing the issuance of bearer shares.
Panama's banks, many of whom practice willful blindness, regarding both Source of Funds, and Beneficial Ownership of corporations, would also block any reform of the corporate code, so don't hold your breath, waiting for the imminent enactment of legislation, in Panama, that would, in essence, kill the country's illicit offshore industry. bearer shares, and dirty money, are both here to stay in the Republic of Panama.
WANTED SA kindly thanks US Treasury, Kenneth Rijock, AFP, Reuters, BBC, Associated Press, DEA, FBI, ICE, Westlaw, Arutz Sheva, and all the Parties, Press, Journalists, Law Enforcement and Securities forces who have contributed to the many articles and their sincere opinions and statements.
WANTED SA states that the facts and opinions stated in this article are those of the author and not those of WANTED SA. We do not warrant the accuracy of any of the facts and opinions stated in this article nor do we endorse them or accept any form of responsibility for the articles.
