Due Diligence Notice & Disclaimer
According to local due diligence regulations, any lawyer who acts as a "resident agent" of a Panama Private Interest Foundation in Panama, is obliged to gather enough information about their clients (professional or private) when registering said asset protection entities, in application of the due diligence act: (Law 2 of 2011). This rule, in summary, provides that the information collected by lawyers during the registration process of a Panama Private Interest Foundation, can only be disclosed upon request of the "competent Panamanian authorities", understood as follows: The Public Prosecutor's Office in Panama, Civil or Criminal Courts in Panama, in general, the Judicial Branch, for proceedings initiated in Panama; or by the application of foreign judgments (Exequatur); Mutual Legal Assistance Treaties, and the local Tax Revenue Service, regarding the request of international legal actions, or in application of information exchange agreements, signed by Panama.
Important: Considering that we as formal Law Firm are regulated by Intendance of Supervision and Regulation of Non-Financial Subjects (Act 23 of 2015) and Ethical Code of Conduct of the Panama Lawyers Bar Association (Act 9 of 1984 and Act 8 of 1993), based in the above mentioned due diligence regulations when creating a private interest foundation with PGS Attorneys, you must complete all the due diligence forms and provide all the personal information that these standards require for the proper registration of your entity in Panama.
Please contact us for more information about how to form a Panama Private Interest Foundation based on the local Due Diligence standards. Mail@Panamags.com
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