Panama bolsters ship recycling initiative. Canal creates jobs for Canada’s railway. – Weekly News Roundup, July 8th.

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Welcome to the Panama Weekly Offshore Roundup! Here’s the latest.

Panama to ratify Hong Kong Convention on ship recycling

Panama is making a serious move into the Hong Kong Convention of ship recycling; something that could be beneficial to Panama’s ecological efforts, and help as a whole to the entire initiative.

In a meeting with IMO secretary general Ki-tak Lim, Panama minister of maritime affairs and administrator of the Panama Maritime Authority (AMP) Jorge Barakat told Lim “Panama had decided to approve the ratification of the Hong Kong Convention on ship recycling.”

The bill that is in the National Assembly has been approved and is only waiting for President Varela’s signature to enter force. The meeting took place during the 116 session of the IMO Council, where Panama is a category A member.

Source: Seatrade Maritime News


Canada: “Panama Canal expansion a game-changer for CN strategy.”

The after effects of the Panama Canal expansion have long been touted as a surge for other industries in North America. One of these industries, and a principal beneficiary, has been railroad cargo. Now, Canada’s largest railway is proving that assumption.

The expansion of the Panama Canal has spurred Canadian National Railway Co.’s push into the U.S. South. In early July, the Montreal-based railway is expected to begin hauling trains loaded with containers that made the trip from Asia to Alabama’s Port of Mobile, home to a new terminal built to handle the larger ships that can use the expanded canal.

Source: The Globe and Mail


Panama tries to shake off “Panama Papers” brand

With so much bad press, and controversy surrounding the Panama Papers scandal, the country is trying to distance itself from that label. After all, Panama as a whole had practically nothing to do with it. Here’s a good read on the uphill battle ahead when it comes to shaking the “brand.”

“Panama has been battling this perception for some time now,” said Ivan Zarak, Panama’s vice-minister of the economy. ”We’ve made great advancements regarding transparency.” Zarak doesn’t think Panama is a magnet for dirty money, and actually challenged Marketplace to open an account while reporting in the country.

“Right beneath this office is the branch of a bank; please go there and try to open account. Then, go to the U.S. and try to open an account there — just as an academic exercise,” he said. “It’s very hard to open an account in Panama for any type of individual — especially foreigners. It’s harder for the bank to corroborate that the money that person from out of the country has clean money.”



Pedasi Panama: An Eco Friendly Haven for Expats of All Ages

If you’re looking for a great place to live and retire in Panama, there’s one place that’s drawing lots of attention these days. Pedasi, Panama is a vibrant, ecologically friendly community that’s got lots to offer, whether just visiting or living there. In our latest blog post, we go over why.

Pedasi is located at the far eastern tip of the Azuero Peninsula. It’s actually a district, rather than a town, however the center of the area is referred to as Pedasi Township, where most of the business and tourism takes place. Pedasi has a total population of around 4,000, and covers a relatively large area of land. This is part of the charm of the district: its remoteness and tranquility. It was once a heavily forested area, and home to some of the most flora and fauna types in all of Panama. Currently, there are around 70 hectares of protected tropical forest, where biologists and researchers study the land and its wildlife.

Continue reading about Eco Friendly Pedasi Panama

About Manoj Chatlani

Manoj Chatlani is a Senior Partner at POLS Attorneys, a full-service law firm in Panama City, Panama. Specializing in offshore services, including asset protection, estate planning, offshore banking, and offshore corporations, as well as Panama immigration and real estate transactions, POLS Attorneys offers clients a streamlined solution to all their Panama legal needs. Manoj is a Panamanian lawyer and holds a law degree from USMA and earned a Masters in Communication Law and Panama Tax law.

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