After five years of a difficult economic situation worldwide, important changes were made in transparency by modifying some processes for the innovation of financial instruments and institutions to make them more competitive and efficient.
The need for modernization forces Panama to create new solutions and services to propose its offer and to honor its role as a regional platform. The authorities affirm that a complete international financial platform is needed, to be characterized by personalization and specialization.
The country seeks to comply with these demands, for this reason the Council of ministers approved the law project «Modernization of the International Financial System of Panama”. The proposal comes from different international organizations that have been questioning the lack of a local platform for several years.