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| The one of
a kind e-commerce bill was signed into law in August 2001 by Panama's President
Mireya Moscoso has created internet privacy in Panama. Believed to be the
first of its kind to be implemented in Central America and the Caribbean,
the law has, as was expected, begun to move Panama's e-commerce industry
into the one to beat for offshore web hosting and for IT connectivity. |
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| According
to legal authorities in Panama, the law is based on the guidelines of the
UNCITRAL
Model Law on E-Commerce and awards electronic documents and signatures
the same validity as written documents. This is especially important
as Panama has strict banking and corporate laws designed to protect the
privacy of investors. The implication is that Panama now has the best protected
internet eCommerce legislation in the world. |
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| The law has
received a warm welcome from the Panamanian business community and customers
alike because the law's provisions did away with the one key obstacle to
e-commerce transactions in the country, i.e. the requirement for written
acceptance by users of terms and conditions under traditional Civil Law. |
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