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US financial reforms may disrupt investment and credit markets in Panama

Friday, July 23, 2010

Financial reforms in the United States could disrupt credit markets and investment in Panama, according to local industry officials.

Raul Guizado, vice president of Security and Compliance with Banco General, said that the new regulations imposed certain restrictions on foreign financial institutions that have US clients. He was speaking at the 19th National Banking Convention.

Foreign banks with US account holders have to retain 30 percent of all outgoing capital and report these transactions to the US Internal Revenue Service.

Original source: Newsroom Panama