Banking law in Panama

    Banking law in Panama

Investing in Panama represents a great alternative thanks to its economic stability, the support of solid banking centers, and a complete compendium of banking law regulations.

In addition, Panama is currently considered one of the main banking centers worldwide, because it has all the services and updates necessary for the satisfaction of its customers.

It was precisely for this reason that the Panamanian government, to keep the country at the forefront of the provision of banking services, promulgated Decree-Law No. 9 of 1998, to create the Superintendency of Banks and reform the banking system.

When investing in Panama it is highly recommended to have a specialist in banking law, who provides pertinent legal advice to guarantee a good development of the investments and transactions carried out in the banking sector.

What should you know about banking law in Panama? Today we answer it in this new entry of our blog.


What is Banking Law?


In its broad concept, it can be highlighted that banking law is the set of legal, as well as regulatory and administrative norms that are responsible for regulating banking activities, related to the operation of banks and financial entities, to apply banking law regulations.

It is important to note that within the regulation of banking transactions, there are also relationships between customers and banks and therefore, banking law regulations monitor compliance with banking operations with customers and the credits granted by banks, in such a way that there are no legal loopholes, for the benefit of the parties.

Importance of Banking Law

To highlight the importance of banking law, it is necessary to highlight its characteristics, among which are:

  • Banking law is a norm of public or private law since it regulates the actions carried out by the State in financial matters, as well as private matters.
  • The operations it regulates occur massively, with a formality between the banks and the natural and legal persons with whom it is related.
  • Banking law prevents the existence of little transparency in the management of accounts and transactions.

About the importance of banking law as a branch of law, it refers to the fact that it represents the north for the proper behavior of the activities and functions carried out by banking institutions.


Why is it important to have a lawyer specializing in banking law to invest in Panama?


Panama is a country that offers several attractions for investors, both local and foreign, as a result of the country's extensive experience in banking matters.

To this, we must add that Panama offers the stability of a financial center, which has been able to combine the principles and rules of a system that, in addition, offers investors protection of their identity and other information related to the commercial activities of their clients. (Bank secrecy, fiduciary, etc.).

In addition, Panama has signed different international agreements on the prevention of money laundering and other illicit activities in financial matters; which has allowed the Panamanian Banking Center to currently achieving high levels of transparency and credibility in the international arena.

In this sense, when transactions are carried out with banking and financial institutions, problems or difficulties may arise, which require the application of certain rules of banking law, regarding the protection and resolution of situations that arise.

That is why in these cases, it is important to have the support of a lawyer with experience in banking law, who can provide the necessary advice, both to small companies and large corporations, providing peace of mind and security to their clients about the correct action in the financial and banking environment, attached to the current regulations on the matter.

In addition, a lawyer specializing in banking law can also support you in procedures such as:

  • Meet with clients to define the specific requirements and business context of a deal.
  • Negotiate with the opposing party the terms of the deal and record them accurately in the documentation.
  • Finish all post-settlement records and procedures.
  • Provide advice on the structuring of innovative or complex financing models, as well as ensuring that innovative models comply with all relevant laws.
  • Verify the accuracy of the information transmitted from the borrower to the lender or the company that raises funds for all parties that invest in the deal.
  • Bringing the parties together to complete the transaction, ensuring that all agreed terms are reflected in the loan and that all documents have been properly signed and witnessed.

As you can see, there are many ways in which a lawyer specializing in banking law can help you. Our firm specializes in advice related to banking operations. So, if you want more information, do not hesitate to contact us.

We hope that this content will be useful to you. Keep an eye on our blog to learn more about the benefits of living in Panama.

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