Panama set for failure in OECD transparency review

PANAMA is unlikely to pass, Phase I of Peer Review of the Global Forum on Transparency of the Organization for Economic Cooperation and Development (OECD ) .

The evaluation is taking place this week in Malta and although there is still no official resolution Minister of Economy and Finance, Frank De Lima, said Thursday, March 20, that the information they are getting is that the evaluation, result will not be positive for the country. The major obstacle is the lack of implementation of the immobilization of bearer shares.

The government last year approved a rule that creates a system of custody of these titles, but the law does not take effect until 2015. This fact was also mentioned in a recent report by the International Monetary Fund highlighting the country's deficiencies in combating money laundering and terrorist financing .
Asked about a possible amendment to accelerate the entry into force of the legislation , De Lima , who participated in the "Present and future of the Panamanian tax system" forum, said it is one of the options that arise, but said it must first meet the recommendations made by the Global Forum once the assessment is concluded.