Internet Privacy - Panama President Signs New E-Commerce Bill Into Law

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Internet Privacy
Panama President Signs New E-Commerce Bill Into Law
By Rolf Müller

Rolf Müller - Rolf Müller is a free lance writer with a good understanding of offshore matters. Rolf Müller - Was born in Kiel, Germany. An active libertarian he moved to the USA in 1998 and left one year later. He now lives in Latin America and sends articles to EscapeArtist.com on offshore matters - The opinions of Rolf Müller do not necessarily reflect the opinions of EscapeArtist.com nor does EscapeArtist.com accept responsibility for the opinions of Rolf Müller ~

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.

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.

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.

Panama's President Mireya Moscoso

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Under the law, the Directorate of Electronic Commerce of the Ministry of Commerce has been granted the authority to maintain an optional register of certification authorities. The government hopes that the legislation will attract web hosting, call-centre and data centre companies to the country as they can also take advantage of Panama's fully dollarized economy, lack of exchange restrictions and preferential taxation regime for information technology companies, Panama also is the hub where the Maya 1, Panamerican, Global Crossing and Arcos 1 underwater cables meet -
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