Thursday, March 9th, day two brings us commentary from primarily practitioners in Panama and one from the U.S.A. that travels extensively throughout the Middle East and SE Asia for client’s needs. Again, the focus was mainly on how the new reporting requirements being drafted in the multitude of jurisdictions globally will affect the working environment of the wealth management industry specifically and the cost of doing business in general. The security of the client’s identity and other pertinent information is paramount in a world that has become a quagmire of risk to one’s ability to conduct business and even personal safety of self and family. Just how many data bases will store the same information and what level of security is provided by the keepers of this treasure trove of information. Rounding out the day were presentations on what do the regulating bodies of the banking centers need to do to recover from the perceived deficiencies in their regulations, figuring out exactly what does “being compliant” really mean, what one would have to consider when working with an Asian client, residency programs in Panama, Family Office Services, and the Trustee’s role in Panama and new drafts to enhance the Laws covering Trusts and Trustees operating in Panama. BIG KUDO’s to OpenDoorMedia Publishing for setting the standard for conference organizing and presentation and to Verity, Caroline, Nina, Christopher, and Richard. Hope to see you all next year. Be Well.
Wednesday, March 8th, first day of the conference was exciting as attendees from many jurisdictions across the globe from Dubai, UAE to Panama, ROP, from the U.S.A. and all around the Caribbean came together at the Hilton Hotel here on Avenida Balboa in beautiful Panama City, Panama. Discussions ranged from concerns about tax consequences involving cross boarder transactions to legal structures to facilitate succession planning for family members in different countries. Also how FATCA and CRS requirements are stifling the banking and investment culture for U.S. private investment in the region. Now, day two begins and I have more to come. Be Well.