For several years, Panama has been considered one of the ideal retirement destinations in the world.

The recent "Panama Papers" scandal is a timely example of the impact that a data breach can have on high net worth individuals, businesses and law firms.

On June 26, 2016, a widened Panama Canal will open for business after a ten-year, USD5.3bn expansion project is completed.

On April 3, 2016, the public learned that millions of client documents from the Panamanian law firm and corporate services provider Mossack Fonseca & Co. had made their way to an international organization and that the information would be used to publish potentially damaging stories.

Public comments on the proposed regulations may be submitted through August 8, 2016. If approved, the proposed regulations will become effective twelve months after they are published as final in the Federal Register.