Panama will share information
PANAMA. Panama will share tax information with at least 10 countries to prevent sanctions over banking secrecy laws, Finance Vice-Minis...
PANAMA. Panama will share tax information with at least 10 countries to prevent sanctions over banking secrecy laws, Finance Vice-Minister Frank De Lima said. Panama is close to signing accords with Spain and Mexico to exchange information, De Lima said in an interview.
Switzerland, Belgium and Canada are also interested in signing similar treaties, he added.
The effort is a “clear sign that Panama will move forward” with other countries, De Lima said. “This should be enough to avoid sanctions.”
The Organization for Economic Cooperation and Development (OECD) in April placed Panama on a list of nations that must share tax data or face sanctions as Group of 20 nations crack down on banking secrecy.
A former Panama ambassador in the US, Eduardo Morgan Jr., has criticized OECD’s decision, comparing the organization to a cartel and a rich businessmen club.
Jeffrey Owens, the director of the OECD’s tax policy, said the organization will review Panama’s new agreements.