The following is a message from Solis, Endara, Delgado & Guevara in Panama:
There have been several weeks of publication in all media worldwide of one of the most important developments in the history of our country, Panama, which has been broadly called THE PANAMA PAPERS, which impacts severely on corporations incorporated under Panamanian commercial law.
The main law referred to is that governing corporations in Panama, initiated in 1927 and that has been the foundation for the creation of major facilities of worldwide significance such as Colon Free Zone, financial and banking institutions of Panama, the Panamanian merchant marine and many other service centres of value to finance, insurance and reinsurance companies. These enterprises have helped the Republic of Panama to achieve some of the largest economic sustained growth and stability outcomes throughout America and the major countries in Europe and Asia.
Unfortunately a firm of Panamanian lawyers, violating the most basic principles of professional ethics, has distorted the philosophy, spirit and good faith that inspired what all the commercial laws in Panama created, such as corporate limited liability, trusts, banking, insurance and reinsurance, maritime, private interest foundations, corporations, free zones, industrial protection and others.
All this has under the theme of Panama Papers been featured in publications with subjective interpretations, many of them with similar and convenient character, resulting in regulatory organisations worldwide, in fiscal and commercial fields led by certain mainly European countries, deciding to extend severely coercive measures against our country without regard to the real perpetrators of this scandal. This is deplorable for us Panamanians especially for our economy, and as regards the provision of professional services.
Given the situation that has been presented, with deep satisfaction we can reassure all our correspondents that we do not have a single client who is committed to the criminal actions reported in Panama and other international jurisdictions directed from our country.
In our capacity as resident agents and corporate sponsors who have provided services for many decades we are able to guarantee the delivery of our services with full commitment to continue working with our clients in the same constructive way that we have always done.
We are committed to monitor and maintain knowledge of the reviews to be carried out in the future on the commercial legislation of Panama, especially in relation to corporations, to meet the protection and needs of clients’ business.
As always we are at their disposal to offer any clarifications they deem relevant on the necessary subjects, and are confident we shall play a role of fundamental importance in this respect.