Transparency and Panama's Private Interest Foundations (PPIFs)

To analyse the subject of transparency and the role it plays in Panama's Private Interest Foundations (PPIFs), it is necessary to have a clear understanding of both concepts: Transparency and Foundations. The PPIF is a private instrument, and therefore it should be assumed that there would be no public interest in the manner in which the entity or its assets are managed. However, that is no longer the case. Hence, because of the present trend towards transparency achieving the focus of this article lies in setting out the important factors to look at to determine if a legal instrument, like the PPIF, is vested with sufficient clarity to be called legitimate. For Transparency.org, the term 'transparency' implies shedding light on rules, plans, processes, and actions. It is knowing why, how, what, and how much. Transparency ensures that public officials, civil servants, managers, board members, and businessmen act visibly and understandably, and report on their activities. And it means that the general public can hold them to account. It is the surest way of guarding against corruption, and helps increase trust in the people and institutions on which our futures depend.(1).