According to the article, Panama's Minister of Economy has drafted a bill calling for immobilization of bearer shares issued by Panama corporations. "It would be recommenable to immobilize bearer shares with a decree only for companies engaged in the opening of bank accounts, government tenders, public fundraising and using public services," said lawyer Alvaro Aguilar Alfu. These activities may involve the use of public funds, thereby allowing privately-held shares to continue to be issued to the bearer.
In his view, over the years we can expect the immobilization of bearer shares in Panama to cause a reduction in the number of companies and foundations, as happened in the British Virgin Islands. "Following the enactment of the law immobilizing them in 2008, BVI has not been able to form more than 60,000 companies yearly," he said.
On the bill, he said that it could be approved given the control of the ruling party, not because the proposal has merit. "It is easier to follow the instruction manual of an international organization instead of enacting original variations,"
Mr. Aguilar is a graduate of Universidad Santa Maria la Antigua (LLB) and Washington College of Law at The American University (LLM) International Trade & Banking program. Previously he has been selected by the Central American business weekly CAPITAL FINANCIERO as one of the "40 under 40" acknowledging to his achievements as a young legal professional. He specializes in corporation law and trust & estates matters.
About Lombardi Aguilar Group
Lombardi Aguilar Group is a partnership of consultants created as an alternative for clients worldwide who seek fast, innovative and effective solutions to their legal problems. The firm currently provides services to individual and corporate clients in Panama as well in the Americas, Europe and Asia. Its partners maintain a commitment with professional ethics and social responsibility by participating in the board of directors of groups such as the Panama Bar Association, the Alliance Francaise, the German and the American Chambers of Commerce (AMCHAM) of Panama, and the Association of Chinese-Panamanian Professionals (APROCHIPA).
The firm centers its law practice in private client services and asset protection (Private Interest Foundations, Trusts), business structures (Offshore Corporations)
For more information, contact +507 340-6444, e-mail info (at) laglex.com, or see: Lombardi Aguilar Group http://www.laglawyers.com/