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Lombardi Aguilar Group

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Lombardi Aguilar & Garcia Advises in Securing Remittance License


Panama attorneys Lombardi Aguilar & Garcia advised a company in securing a license granted by the Panamanian government to operate a remittance agent.

Panama City, Panama, November 12, 2008 --(PR.com)-- Lombardi Aguilar & Garcia (www.laglex.com) attorneys advised a U.S.-owned subsidiary, in the process of obtaining a remittance agent license from the Directorate of Financial Enterprises of the Panama Ministry of Commerce and Industries (www.mici.gob.pa).

Although Panama hosts a financial center which has no limits on the repatriation of funds and use of foreign curencies, its government has enacted Law 48 of 2003 which requires that non-bank companies receiving funds on a regular basis for their remittance abroad through systems for transfer or tranmission of funds, settlement of funds or any other means, obtain a special license from the Directorate. This ensures that operators receiving funds for electronic transactions systems have information on their ownership, financial solvency and anti-money laundering measures subject to regular review and supervision by a government authority. The Directorate also provides special licenses for lending companies.

The participation of the law firm consisted in the filing, preparation and coordination of the process for obtaining the license to operate a remittance agent. The clients of the law firm are dedicated to offering innovative solutions, payment methods and transactional processing environments for financial entities, banking, government, merchants and consumers. The license holder also markets a variety of solutions oriented to the transactional processing and electronic payment methods environments applied to several technological platforms and markets, for local as well as regional use.

According to statistics of the Directorate of Financial Enterprises, Panama received US$81.4 million in remittances (largely US$46.8 million from the US) during the first half of 2007. US$66.3 million are sent to other countries (mostly US$26.3 million to Colombia by migrants of said country). Already a dozen companies are authorized by the DEF to provide remittance services.

About Lombardi Aguilar & Garcia
Lombardi Aguilar & Garcia was created as an alternative for clients worldwide who seek fast, innovative and effective solutions to their legal problems. The firm currently provides services to individual and corporate clients in Panama as well in the Americas, Europe and Asia. Its partners maintain a commitment with professional ethics and social responsibility by participating in the board of directors of groups such as the Panama Bar Association, the German and the American Chambers of Commerce (AMCHAM) of Panama, and the Association of Chinese-Panamanian Professionals (APROCHIPA).

The firm centers its law practice in private client services and asset protection (Private Interest Foundations, Trusts), business structures (Offshore Corporations), tax planning, real estate and e-commerce. It also advices in areas of Law such as Corporate, Commercial, Intellectual Property, Maritime, Tax, and Immigration Law as well as related litigation that may arise.

For more information, contact +507 340-6444, e-mail aaguilar (at) nysbar.com, or see: Lombardi Aguilar & Garcia http://www.laglex.com/

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Contact Information
Nordic Consulting
Pamela Oakes
+507 2700864
Contact
www.laglex.com
aaguilar (at) nysbar.com

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