I found this interesting article(related somewhat to betpanams/panam government)
This interpreted into English- not sure how accurate.
Herbert Young Rodriguez
Lawyer
Executive secretary of the Meeting of Control of Games.
Panama opens its borders?Juego On Line?
After a year and means of study and discussion, the Plenary session of the Meeting of Control of Games, it sent Resolution no. 65 of 25 of October of 2002 , by means of which the Regulation for the Operation of Games of Luck and Chance and the Activities is approved that originate bets made through Systems of Games of Electronic Communication. We are convincing of the convenience of this project for the country. The new regulation establishes the possibility that the administradores/operadores of agencies of international sport bets and of casinos by Internet, they settle in Panama, which will be a significant source of uses. Also it will allow to the registry in the Meeting of Control of Games of suppliers of software, companies dedicated to the service of payment by Internet, companies suppliers and consultants in general.
The regulation does not allow Panamanians to accede and to play in line in companies authorized by the Meeting of Control of Games, reason why it does not represent competition for the local industry, nor threatens to corrupt to Panamanian families. This activity will take shape with the acquisition and installation of end technology, hiring of people who speak to several languages (English, Chinese, German) and use of the system of telecommunications.
Bets will only be able to be received from the foreigner. The originating income of the activity will not be subject to the tax payment on the rent, tax of dividends, which will make the seat for the administradores/operadores very attractive. The sums to pay to the Meeting of Control of Games are minimum: only a right to keys of B/.40,000.00 and an extreme one fix annual of B/.20,000.00. Which looks for is that more companies settle down in our country, contract Panamanian manual labor, they acquire buildings or they rent them, and in short, to attract the foreign investment and to fortify the debilitated Panamanian economy.
Like example of the development of the industry, we see the Costa Rican case. For year 2000 120 established companies existed dedicated to activities of luck and chance by Internet. Product of this activity, entered that country 100 million; this number does not include participation of the State in the activity. Esteem that between all the businesses rented to 35 thousand square meters by an annual amount of USS7.3 million. During year 2000, million in wages were paid to USS53.7, which represents a wage average of the industry of monthly USS895.00. However, the neighboring country is not distinguished by its infrastructure of telecommunications and lacks a legislation that regulates the matter and that gives legal security to the investor. On the other hand, Panama, has an excellent infrastructure of telecommunications, a modern banking center, monetary stability and a legislation of luck and chance with an excellent reputation. The paper of the companies of lawyers, of the companies of consultancy, related telecommunications and to the world of the Internet will be determining to attract this foreign investment.
The written up Regulation enjoys the highest standards of quality, is based on legislations like the one of the State of Queensland in Australia and Canada, that have a great reputation, but high tax rates. Very firm measures are assumed to prevent the money laundering in the industry of the game by Internet. The Regulation forces the administradores/operadores to maintain an account of reserve and one of safekeeping to assure the payment the better ones. It will be possible directly to be presented/displayed reclamations to the Meeting of Control of Games by means of a hyperbond in the page Web of the operator.
Finally, the regulation has been put under an ample consultation. All the one that approached the Meeting of Control of Games had opportunity to think and to contribute the same one. By means of the Organization of the American States (O.A.S.) a consulting company/signature of Fertile valleys was contracted, Nevada, that reviewed the project. Pending tasks at level of Meeting of Control of Games exist to guarantee the effectiveness of the new regulation.
These subjects at all will retard the licensing process, and will be rather a guarantee for the better one and our country. We must contract suitable personnel and be provided with the resources for such effects. Additional, it is required in our opinion, to contract international consulting companies so that they advise to the regulating being in the pursuit measures, mainly, as far as the technical support, revision of?softwares? and measured money laundering.
Panama assumes the commitment by means of the Decree Law 2 of 1998, to only contract with honest people, of the high moral integrity and financial, with experience, making sure that the money that will only use comes from allowed source, and that the used system will be able to identify the identity of the better one or the origin of the bet money. The companies of international private investigators will play a decisive role in the hiring stage. Very serious companies in the international scope exist that can help with our effort.
Source: The Panama America, Tuesday 5 of November of 2002.
This interpreted into English- not sure how accurate.
Herbert Young Rodriguez
Lawyer
Executive secretary of the Meeting of Control of Games.
Panama opens its borders?Juego On Line?
After a year and means of study and discussion, the Plenary session of the Meeting of Control of Games, it sent Resolution no. 65 of 25 of October of 2002 , by means of which the Regulation for the Operation of Games of Luck and Chance and the Activities is approved that originate bets made through Systems of Games of Electronic Communication. We are convincing of the convenience of this project for the country. The new regulation establishes the possibility that the administradores/operadores of agencies of international sport bets and of casinos by Internet, they settle in Panama, which will be a significant source of uses. Also it will allow to the registry in the Meeting of Control of Games of suppliers of software, companies dedicated to the service of payment by Internet, companies suppliers and consultants in general.
The regulation does not allow Panamanians to accede and to play in line in companies authorized by the Meeting of Control of Games, reason why it does not represent competition for the local industry, nor threatens to corrupt to Panamanian families. This activity will take shape with the acquisition and installation of end technology, hiring of people who speak to several languages (English, Chinese, German) and use of the system of telecommunications.
Bets will only be able to be received from the foreigner. The originating income of the activity will not be subject to the tax payment on the rent, tax of dividends, which will make the seat for the administradores/operadores very attractive. The sums to pay to the Meeting of Control of Games are minimum: only a right to keys of B/.40,000.00 and an extreme one fix annual of B/.20,000.00. Which looks for is that more companies settle down in our country, contract Panamanian manual labor, they acquire buildings or they rent them, and in short, to attract the foreign investment and to fortify the debilitated Panamanian economy.
Like example of the development of the industry, we see the Costa Rican case. For year 2000 120 established companies existed dedicated to activities of luck and chance by Internet. Product of this activity, entered that country 100 million; this number does not include participation of the State in the activity. Esteem that between all the businesses rented to 35 thousand square meters by an annual amount of USS7.3 million. During year 2000, million in wages were paid to USS53.7, which represents a wage average of the industry of monthly USS895.00. However, the neighboring country is not distinguished by its infrastructure of telecommunications and lacks a legislation that regulates the matter and that gives legal security to the investor. On the other hand, Panama, has an excellent infrastructure of telecommunications, a modern banking center, monetary stability and a legislation of luck and chance with an excellent reputation. The paper of the companies of lawyers, of the companies of consultancy, related telecommunications and to the world of the Internet will be determining to attract this foreign investment.
The written up Regulation enjoys the highest standards of quality, is based on legislations like the one of the State of Queensland in Australia and Canada, that have a great reputation, but high tax rates. Very firm measures are assumed to prevent the money laundering in the industry of the game by Internet. The Regulation forces the administradores/operadores to maintain an account of reserve and one of safekeeping to assure the payment the better ones. It will be possible directly to be presented/displayed reclamations to the Meeting of Control of Games by means of a hyperbond in the page Web of the operator.
Finally, the regulation has been put under an ample consultation. All the one that approached the Meeting of Control of Games had opportunity to think and to contribute the same one. By means of the Organization of the American States (O.A.S.) a consulting company/signature of Fertile valleys was contracted, Nevada, that reviewed the project. Pending tasks at level of Meeting of Control of Games exist to guarantee the effectiveness of the new regulation.
These subjects at all will retard the licensing process, and will be rather a guarantee for the better one and our country. We must contract suitable personnel and be provided with the resources for such effects. Additional, it is required in our opinion, to contract international consulting companies so that they advise to the regulating being in the pursuit measures, mainly, as far as the technical support, revision of?softwares? and measured money laundering.
Panama assumes the commitment by means of the Decree Law 2 of 1998, to only contract with honest people, of the high moral integrity and financial, with experience, making sure that the money that will only use comes from allowed source, and that the used system will be able to identify the identity of the better one or the origin of the bet money. The companies of international private investigators will play a decisive role in the hiring stage. Very serious companies in the international scope exist that can help with our effort.
Source: The Panama America, Tuesday 5 of November of 2002.
