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Plans for the immobilisation of bearer shares in Panama
In an attempt to satisfy the requirements of the OECD and thus avoid being placed on the OECD list of countries which are not cooperative in regards to fiscal transparency, the National Assembly of Panama has approved a draft law paving the way for the immobilisation of bearer shares.
According to Frank De Lima, Minister of Economy and Finance, the new law would mean that bearer shares would have to be deposited in a custody system similar to those already adopted by a number of jurisdictions.
The law would include a three-year period of grace for existing companies which have issued bearer shares to meet the new requirements.