Arias & Muñoz, a law firm based in San Salvador with eight offices throughout Central America, kicked off the new year with the promotion of banking, securities, M&A and insurance lawyer Tania Solís to partner in Panama. The firm also appointed tax lawyer Ximena Tercero in Guatemala and litigation lawyer Edgard Torres in Nicaragua to its partnership.
The promotion in Panama comes amid efforts to get the country off the Financial Action Task Force of Latin America’s (GAFILAT) list of non-corporative jurisdictions, which Panama landed on in June 2014 due to allegations of money laundering and high risk.
“From January 12 to 14, Panama will have an onsite visit of GAFILAT to confirm that Panama has implemented the required reforms and actions to improve the global anti-money laundering and combat the financing of terrorism so Panama can be taken out of the list,” Solís said. “We have implemented several laws and regulations [related] to this matter.” According to Solís, these include an anti-money laundering law, the freezing of bearer shares and other regulations in the financial and non-financial sector. “Therefore we are expecting a positive review that will end with a positive recommendation to be discussed in the FATF Plenary Meeting to be held in Paris, France, on February 14-19,” Solís said.
Solís added that a positive review should mean “the recovery of correspondent banks [and should] improve and reduce costs of transferring of money abroad and improve the competitiveness of Panama.”
While at Arias & Muñoz, Solís has worked on several notable transactions. In June 2015, Solís advised renewable energy company SunEdison on its acquisition of Central American renewable energy company Globeleq Mesoamerica Energy for $350 million. She acted as counsel for insurance investment company Suramericana in acquiring Seguros Banistmo, a Panamanian insurance group, from Colombian commercial bank Grupo Bancolombia for $96 million in February 23 2015. In August 14, 2015 Solís worked on private equity firm Advent International’s acquisition of a 30% interest in LifeMile for $343.7 million.
Solís joined the firm in 2011. In 1998, she received her Bachelor of Law and Political Sciences from Universidad Santa María La Antigua, and in 2000 she earned her Master’s Degree in International Commerce at Notre Dame University.