(Mossack Fonseca) - Con éxito culminó la Primera Jornada de Comunicación Interna y su impacto en la empresa, organizada por el Sindicato de Industriales de Panamá (SIP), el pasado martes 17 de noviembre del presente año, con el objetivo de contribuir a gestionar las estrategias que han sido pensadas para alcanzar los objetivos comunicacionales internas en las organizaciones.

As I am so accustomed to interviewing entrepreneurs, I was interested in the path of a Human Resources professional for such an international corporation with over 500 employees. So, I'm happy to present an interview with Katia Solano the Director of Human Resources for Mossack Fonseca & Co (MF).

Established in 1977, Mossack Fonseca is a leading global company which provides comprehensive legal, trust and accounting services.

Katia's been at the company for more than 20 years. She's moved through many different positions, learning different skills along the way, from reception to filing and then as the personal assistant to one of the founders of the company.

"I worked with the founder when MF was a pretty small company; we were around 30 employees at that time. Later, I worked on accounts receivables and payables, and then I came to the human resources department."

Give me an overview of the work that is done in the human resources department.

"Human Resources is a company-wide department, so it has to do with the human resources policies for the entire MF group―the hiring process, candidate selection, training and development, performance evaluation, benefits and salaries, internal communications, leadership development, deployment, cascading goals, the company culture, and induction, amongst others. I work closely with the CEO and the management team. I deal with all the managers of the different offices around the world. I have a team of six employees."

To what degree do you keep your finger on the pulse of hiring?

"I meet at least once a week with the Recruitment and Selection Specialist―she reports directly to the Human Resources Coordinator―but I meet with her once a week because the recruitment process is a key process in any organization. However, I don't interview candidates unless we are going to hire someone for a key position, like for example a lawyer or a management team member―somebody of a high level―whether here in Panama or in any of the offices abroad. In Panama it is very difficult to hire good people because the labor market is so tight."

Katia, what do you do to recruit qualified employees, whether in Panama or abroad, when faced with a shortage of available talent?

"Well it is very helpful that we have a well-known, highly respected name here―so lawyers, in particular, want to work at MF; I'm always receiving resumes in my inbox or through LinkedIn. We usually advertise our positions online. Plus, we are involved with universities―we maintain close contact with them and they always refer people to us for internships. We do the same thing with high schools―we usually have maybe 15 interns that are about to graduate from high school, so they do their internships here―many times when they finish their degree programs they apply to work here. In addition, we try to be involved in all the job fairs."

Your internship program with students from high schools and universities sounds like a great way to evaluate talent.

"Definitely, because when they come to intern with us we really do make an effort to teach them as much as possible. I insist that all our managers make sure to give them as much training and experience as they can handle. There are many companies that simply have their interns do menial tasks; however, I insist that we don't do that with ours. At MF, the interns learn about the company, its mission, culture, and values, and usually they like it and they go back to school or university with a good impression. They share that information with their friends and we usually receive some resumes from other students of the same schools that want to do internships with us. Also, there are many professors who know that we really train their students and they refer candidates to us."

How important is it keep personally connected to the process of adding new personnel to the MF team?

"It is very important because our recruitment process is integral to the future of the company―so to me recruiting talented people is directly related to the strategy of the company because we offer our clients specialized services so we really need to have talented people to be able to provide our clients with excellent service. "

Do you have any hard-fast rules that are followed in your own selection of team members or those who will be working close to you?

"Selecting a new employee is kind of tricky because it is not only that you want to have the person with the perfect profile, but you need a combination of skills and attributes―you need somebody who has the capacity and desire to do the job they have applied for―somebody who has a clear vision of what they want in the short and long term―and they have to be a good fit with our company."

Do you have an anecdote or philosophy to share that comes to mind that would sum up your thoughts about hiring?

"To me, attitude is everything. You may have a good candidate with the perfect academic background and experience, but if the person does not really want to do the job they are applying for, then we are wasting our time. Usually I hire people with little to no experience and then we train them; they appreciate that and they tend to stay for a long time."

Katia's priorities and methodical approach align with Hiring Truth 1: Be diligent, not desperate from my book The Naked Interview: Hiring without Regret. She is ensuring the candidates are carefully selected and that they are cared for with training to help them stick.

"Now, I know that millennial are different. I have millennial on my team and you have to know how to manage them to keep them interested and motivated. One way I do that is by assigning them various projects―you needs to work differently with them."

"We keep them interested and motivated by offering them attractive benefits, continuous training and education―and the opportunity to move laterally (to work in a different department) and up―depending on the individual's skill set and our company needs. Another advantage of MF is our multicultural and international environment where they can work and interact with our colleagues and clients all over the world."

"Everything is different now. I mean the usual human resources process is different now because you cannot plan their careers anymore; they have their career already planned and they evaluate the company to see if the company meets or exceeds their expectations and in particular, what the company is going to give them, so everything has changed."

What is the best interview question you have ever used?

"I use a combination of questions. When you are going to interview a candidate, you have to be clear about what you or the manager needs, and of course, what the company needs. Sometimes you need to help the managers to identify what they need. When I am doing an interview I pay attention to everything and usually I write down everything they say, so I will ask questions like: How do you see yourself (as a professional) in two years? ― What do you want to do? ― Why? ― What kind of company are you looking for? ―What would be your ideal job? I ask about previous bosses and companies to get an idea of what type of boss and company culture they like―or dislike."

What has driven your personal success at Mossack Fonseca Group?

"I like to serve people. I am proud of being a member of MF and also of the human resources department. I feel that we support MF―its management and reputation. I tell my people every day that we are service providers. To me, it is critical to be willing to serve our internal and external customers, and to maintain the highest professional standards."

Hiring Guru: Mossack Fonseca - International HR

Interview by David Lee Jensen

Monday, November 9th, 2015

With the authorization of the People's Bank of China, the China Foreign Exchange Trade System (CFETS) announced that beginning November 10, 2015 they will launch direct trading between the yuan, also known as the renminbi (RMB), and the Swiss Franc (CHF) on the inter-bank foreign exchange market.

China is seeking to promote its yuan as a global reserve currency alongside the dollar, an ambition that depends on its willingness and ability to loosen tight restrictions on the currency's trade.

One major step towards achieving Beijing's goal is convincing the International Monetary Fund (IMF) to include the yuan in its internal "special drawing rights" reserve currency basket. The IMF is expected to make its decision regarding the yuan in the near future.

“This is an important step in strengthening bilateral economic and trade connections between China and Switzerland,” the People’s Bank of China said in a statement on its website. The link will help lower conversion costs and facilitate the use of both currencies in bilateral trade, it added.

The yuan can only move up or down two percent against the US dollar from a mid-rate set daily by the central bank. The Swiss franc will be allowed to fluctuate five percent on either side of a central rate, the CEFTS’s statement said.

Article from Mossack Fonseca

Monday, November 16th, 2015

The Supreme Court of Panama has ruled that it is constitutional to register ship mortgages in English.

According to the Panama Maritime Authority (AMP), registering naval mortgages in Spanish (the official language of Panama) as well as incorporating the original documents in English will provide greater reliability and efficiency in the registration of ownership of ships.

The AMP reports that financial institutions can now view the original mortgage-related documents on their website.

En Panamá solo el 21.5% de los bebés alcanza la lactancia exclusiva hasta los 6 meses de nacidos, según reveló el Ministerio de Salud.

Muchas madres, una vez se reincorporan a sus puestos de trabajo a eso de los 3 meses de haber dado a luz— optan por dejar de amamantar a sus bebés debido a lo complicado que les resulta extraer la leche u ordeñarse; no hay, en las oficinas, un espacio para hacerlo cómodamente. Es por ello, que con el objetivo de alargar el tiempo de que el bebé se alimente de la leche materna, la empresa Mossack Fonseca decidió crear un Cuarto de Lactancia que cuenta con todo lo necesario para que sus colaboradoras puedan ordeñarse y guardar la leche para que sus hijos sigan recibiendo todos los nutrientes que esta les da.

Como empresa socialmente responsable, Mossack Fonseca tuvo la oportunidad de inaugurar en sus instalaciones, el Cuarto de Lactancia para beneficio de las madres de la empresa, preocupándose por la salud de los bebés y colaborando para que el lazo afectivo entre madre e hijo se mantenga a pesar de las responsabilidades laborales.

Mossack Fonseca mantiene una alianza con la compañía Pigeon, la cual trabajó de la mano para desarrollar este hermoso proyecto propiciándole todos los insumos necesarios que provee la marca. Las madres gozarán de un agradable espacio, el cual contará con mobiliario especial para atenderlas, así como modernos equipos entre ellos una nevera, una esterilizadora a vapor para microondas, protectores para lactancia de Pigeon y Lansinoh, bolsitas para almacenar la leche de Lansinoh, guías de consejos y catálogos de productos de Pigeon.

“En la empresa se cuenta con una tasa de participación femenina del 69%, siendo la mayoría de la fuerza laboral, es por ello que nos preocupamos por su bienestar con la creación de espacios adecuados para fomentar la lactancia materna dentro de la empresa. La leche materna protege al infante contra enfermedades como diarrea, alergias, resfriados e infecciones de oído, dado que es la mejor opción de alimentación para el bebé y contiene todos los nutrientes requeridos”, explicó Susana Fonseca, Coordinadora de RSE de Mossack Fonseca.

Con esta iniciativa, Mossack Fonseca se une al grupo de empresas que fomentan la lactancia materna, creando espacios para esta noble actividad, y al mismo tiempo evidencia el alto compromiso orientado a ayudar a las colaboradoras para que puedan desarrollar sus actividades en un ambiente que garantice las mejores condiciones laborales, pensando en su condición de madre lactante.

At the October 29-30, 2015 meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes (part of the OECD), Cyprus, Luxembourg and the Seychelles were lauded for making significant changes to their legal frameworks and practices, each earning an overall rating of “largely compliant”. To achieve a “largely compliant” rating, a jurisdiction can only be deemed by peer reviewers as having (at most) minor shortcomings in the implementation of the 10 essential elements that are rated.

The brief primer below provides an overview of the methods, standards and rating paradigm used by the Global Forum.

Peer Reviews

Peer Reviews are conducted by an assessment team composed of 2 expert assessors provided by peer jurisdictions and co-ordinated by a member of the Global Forum Secretariat. The assessment team’s report is presented to the 30 member Peer Review Group (PRG) and, once approved (by means of consensus) it becomes a report of the PRG which will then be submitted for adoption by the Global Forum.

The Global Forum’s Standards & Rating Paradigm

The Peer Reviews happen in two Phases:

• Phase 1 is a review of each jurisdiction’s legal and regulatory framework for transparency and the exchange of information for tax purposes

• Phase 2 involves a survey of the practical implementation of the standards.

The Global Forum breaks down the standards of transparency and exchange of information into 10 essential elements under three broad categories: (A) availability of information; (B) access to information; and (C) exchanging information.

The Global Forum’s 10 Essential Elements of Transparency and Exchange of Information for Tax Purposes:

A. AVAILABILITY OF INFORMATION

• A.1. Jurisdictions should ensure that ownership and identity information for all relevant entities and arrangements is available to their competent authorities.

• A.2. Jurisdictions should ensure that reliable accounting records are kept for all relevant entities and arrangements.

• A.3. Banking information should be available for all account-holders.

B. ACCESS TO INFORMATION

• B.1. Competent authorities should have the power to obtain and provide information that is the subject of a request under an EOI agreement from any person within their territorial jurisdiction who is in possession or control of such information.

• B.2. The rights and safeguards that apply to persons in the requested jurisdiction should be compatible with effective exchange of information.

C. EXCHANGING INFORMATION

• C.1. EOI mechanisms should provide for effective exchange of information.

• C.2. The jurisdictions’ network of information exchange mechanisms should cover all relevant partners.

• C.3. The jurisdictions’ mechanisms for exchange of information should have adequate provisions to ensure the confidentiality of information received.

• C.4. The exchange of information mechanisms should respect the rights and safeguards of taxpayers and third parties.

• C.5. The jurisdiction should provide information under its network of agreements in a timely manner.

La fundación de interés privado es una forma única de persona jurídica que se asemeja en su estructura a una sociedad, pero actúa como un fideicomiso. Son entidades propias, reconocidas a nivel mundial sobre la base de los principios del derecho internacional privado.

La Fiduciaria Mossfon, S.A. ofrece una gama completa de servicios relacionados con estas fundaciones, entre ellos:

•Nombramiento de un Protector para salvaguardar los intereses de los beneficiarios.

•Elaboración e implementación de actas y reglamentos fundacionales.

•Preparación de los estados financieros a los beneficiarios.

•Enlace con los protectores, banqueros, asesores de inversión, abogados y asesores fiscales para garantizar la protección de los intereses de la fundación.

•Administración de activos y mantenimiento de la fundación y sus registros de conformidad con todas las obligaciones reglamentarias pertinentes a la jurisdicción de Panamá.

Características:

•La gestión y dirección de la Fundación serán ejecutadas por el “Consejo de Fundación”, en el cual sus miembros pueden ser personas naturales o jurídicas y pueden ser de cualquier nacionalidad. Este ente es más parecido a la “Junta Directiva” que a la figura del Fiduciario, y, por ende, no lleva las responsabilidades y obligaciones de la “Ley de Fideicomisos”.

•Es posible nombrar a un órgano de Fiscalización (Protector). El Protector o los Protectores pueden ser nombrados para supervisar/autorizar los actos y el proceder del Consejo de la Fundación.

•Una Fundación de Interés Privado Panameña es una entidad que tiene beneficiarios cuyos nombres no son de conocimiento público. La gestión, la atención y la distribución de los activos o de los intereses dimanantes de la misma son determinados a través de un “Reglamento” emitido de forma privada.

•Su personería jurídica se establece al crearse la Fundación en el Registro Público. El concepto de “Sham Trust” (por el cual un fideicomiso se considerará nulo) queda descartado.

•Se establece claramente un patrimonio separado. Como resultado de ello, la titularidad de los activos no puede ser atacada o impugnada una vez los activos han sido transferidos con éxito, a menos que dentro de los tres (3) años de haberse transferido los bienes se pueda demostrar que los mismos derivan de un acto criminal o fraudulento.

•Es usual crearlas para que tengan una existencia perpetua.

•A diferencia de la Ley de Fundaciones de Liechtenstein, la ley panameña no exige que ninguno de los miembros del Consejo de la Fundación resida en Panamá.

•Si se considera necesario, se pueden constituir fundaciones de interés privado en otras jurisdicciones.

Como nosotros en Facebook, Mossack Fonseca (Official)

La OCDE oficializó que el país canalero pasó a la segunda fase de la revisión de pares.

Alma Solís

(Ciudad de Panamá-ANPanamá). El Foro Global sobre Transparencia e Intercambio de Información Tributaria de la Organización para la Cooperación y el Desarrollo Económicos (OCDE) formalizó el avance del país hacia la Fase II del Proceso de Revisión Paritaria

Este logro se oficializó durante la VIII Reunión del Foro Global, realizada entre el 29 y 30 de octubre pasado en Bridgetown, Barbados, donde se adoptó por consenso lo aprobado en Paris el pasado mes de septiembre. Ver nota: Panamá pasa a la segunda Fase del Foro Global

Ahora los retos de la segunda fase son diferentes como el intercambio de información automática.

La cancillería señaló que se evaluará la implementación de Panamá de los estándares para el intercambio de información fiscal a requerimiento en la práctica. En especial, frente a aquellas jurisdicciones con las que Panamá tiene vigentes acuerdos que permiten el intercambio de información.

“Este paso refleja el compromiso de Panamá en esta materia y los significativos avances en la actualización de nuestro marco legal. En poco tiempo nos hemos adaptado a los estándares de transparencia fiscal, defendiendo en todo momento los intereses nacionales", apuntó el Vicecanciller Luis Miguel Hincapié.

Debemos recordar que el mandatario de la nación Juan Carlos Varela, dijo en su reciente discurso en la Asamblea General de la Organización de las Naciones Unidas (ONU) el país se compromete al intercambio de información automático, pero con algunas condiciones y que el mismo se de en forma bilateral, esto se dio durante su discurso en Naciones Unidas.

Entre estas condiciones están que sea de forma bilateral, tal como lo han hecho los principales socios comerciales, debe estar condicionado conforme a la capacidad y circunstancias nacionales y que en el entorno geopolítico internacional se respete el derecho de cada país de tomar las medidas que considere necesarias para garantizar que el intercambio automático de información, que persigue el bien común, no sea mal utilizado.

Igualmente propuso que el debate de estos temas se incorpore a la agenda regular de Naciones Unidas, asegurando que las iniciativas que se presenten, sean discutidas por los países en igualdad de condiciones.

Más sobre Mossack Fonseca

Fundada en 1977, el grupo de Mossack Fonseca es una empresa global que proporciona servicios de contabilidad, fideicomiso y legal integral.

Oficina central,

54th street, Marbella

Panamá, República de Panamá

Tel: (507) 205.5888

Your information has never been safer than with Mossack Fonseca's secure Client Portal.

To ensure we can provide our clients with the most secure and up-to-date protection available, we house all of our servers in-house. Our Client Portal encryption certificates use the most powerful secure socket layer (SSL) encryption commercially available today.

VeriSign is one of the most recognizable Internet security providers, and offers the strongest encryption available with the most rigorous authentication standards.

Mossack Fonseca has always provided our clients with the most secure technology available and we join the 95% percent of Fortune 500 companies as well as the world's 40 largest banks who rely on this technology to keep client information protected.

• Experience since 1977
• 24-hour service available from our Panama Head Office
• A powerful global network of offices in all continents
• More than 500 staff members worldwide
• Panama’s first and only ISO 9001 certified law firm
• We follow strict Due Diligence requirements
• Secure technology platform with “VeriSign” encryption and Central Bank standards
• Proactive search for solutions in changing business environments
• Exclusive Client Portal
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