TIA opposed to FTA / you need to read this

Panama and the USA have for quite a few years had a mutual assistance treaty. If the USA government alleges to the government of Panama that you are suspected of a serious crime (money laundering, funding terrorism, narcotics trafficking, fraud), the government will order the bank to provide the requested information. I am fairly certain that no lawsuit or other court action need be filed, the executive branch in Panama can issue the order to the bank. In this case, the bank customer must be specifically identified in some manner, such as name, name of corporation, account number, etc., this mutual assistance treaty cannot be used to say “give us info on all your USA customers.”
BUT: Check the new TIA (not the FTA). It allows fairly broad requests for information on US bank customers going back to 2007, without any allegation of anything, much less a serious crime. All they have to say is “we want it.” I do not know if Panama has yet implemented regulations and procedures to carry out this agreement yet, though…..and its not clear that the government of Panama will take as broad a view of its provisions as the US government wants it to.

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