panama-city-15The existing corruption and the lack of judicial safety in Panama’s financial sector are the main reasons that prevent Panama from consolidating as a regional financial center, according to the Association of Business Executives (APEDA).

Regarding the institution, some sectors of the market note that Panama has have not enough willingness to become a financial center, according to the results of a forum on this issue organized by APEDA, where the limitations to project regionally were analyzed.

According to the results of the forum, so that the country becomes a regional financial center, it requires the joint willingness of the regulator, the judicial body and private enterprises, reaffirmed Ana Lucrecia Tovar, representative of the Superintendency of Stock Market.

Roberto Brenes, who is with Panama’s Stock Market, considers there are obstacles for being a regional financial center and notes that in other financial centers, the banks can liquidate other banks, something that does not occur in Panama.