Spanish version

PANAMA

President installs committee to evaluate financial services industry

It will present a report by the end of the year.

It includes both local and international representatives.

Spanish version

Temas:

The seven-member committee of experts that will evaluate the practices of the financial system in Panama was formally installed Friday by President Juan Carlos Varela.

These are: Joseph Stiglitz, who won a Nobel Prize in economic; Mark Pieth, professor of Criminal law and Criminology at the University of Basel; Roberto Artavia, former director of the Incae business school; Gisela Álvarez de Porras, former Director General of Revenue and former Minister of Trade and Industries; Alberto Aleman Zubieta, former Panama Canal administrator; Domingo Latorraca, head of Deloitte; and Nicolás Ardito Barletta, former president and director of the National Center for the Development of Competitiveness.

"This committee will analyze and recommend best practices which will make our financial system stronger," said Vice President and Chancellor Isabel de Saint Malo de Alvarado.

It will have a period of six to eight months and will work independently, she said.

"The committee will evaluate the existing practices of the Panamanian financial services center and will propose measures that it should share with other countries to strengthen the transparency of the financial and legal systems," said the president.

Varela listed some characteristics and conditions that have contributed to the economic growth of Panama in recent years, such as its geographical position, respect for the law and foreign investment. He said his government is committed to transparency so that success "does not depend on irregular flows of money to our financial system, but the hard work of Panamanians."

"This path we have chosen, as well as our commitment to the transparency of our financial system and the protection of our international services platform, has no reverse gear," he said.

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