Reports indicate that the Government of the Republic of Panama, unhappy with the large amount of pubilicity given to financial fraud cases found to be linked to the abuse of bearer shares, will soon pass legislation that will require that the names of Beneficial Owners of shares of corporate stock be registered with a regulatory agency. In essence, true bearer shares, where the (unregistered) physical owner of the shares is the owner of all company assets, will cease to exist. This will, of course, require legislative action.
Many American and Canadian expats, living in Panama, have been the victims of fraudsters who covertly transfer ownership of corporations to themselves, thereby acquiring ownership of real estate held in corporate names. We have covered this problem in detail in our widely-read article entitled:
Bearer Shares Fraudsters fleece Foreigners in Panama .
England LLP bearer warrants and Wyoming LLC bearer scrip continue being issued, so the Panama bearer law remained unchanged.ReplyDelete
For people who are too dumb to safeguard their bearer shares, the best solution is to ask for registered shares made out to their name.
Why should the rest have their shareholding information available to government entities in "democratic" places like Russia and Venezuela ?