Financial Services

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As indicated by the World Economic Forum’s “Global Competitiveness Report 2014-15”, Trinidad and Tobago has a number of attributes that are conducive to the development of financial services. Although the country was the 89th-most-competitive out of 144 assessed globally, T&T was ranked 38th for its macroeconomic environment, 52nd for infrastructure and financial...

With the assets of the world’s growing number of Islamic banks now standing at around $1.8 trillion, Qatar’s sharia-compliant lenders have rapidly become key players in a major global industry.

A number of initiatives currently under way in Panama are expected to strengthen what is already a strong banking sector. Although the World Economic Forum’s Global Competitiveness ranking indicates that Panama’s financial system is at or near the top decile globally in most respects (see overview), the sector is hampered by its continued inclusion –as of early June 2015...

What changes will the implementation of the Foreign Account Tax Compliance Act (FATCA) have on Panama’s banking regulatory framework?

Is the June 2015 deadline going to leave sufficient time for Panama to adopt the Financial Action Task Force’s (FATF) legal framework?

Due to its openness to foreign financial institutions, dollarisation, low inflation and relative political stability, Panama remains a highly attractive regional financial centre. Recording strong performance in 2014, the country’s International Banking Centre (IBC), which contributes 7.5% to Panama’s GDP and comprises the national banking system (NBS) and international...

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