Panama enlarges on OECD commitment

PANAMA’S FOREIGN  ministry has provided more details on its agreement to the bilateral  automatic exchange of information promoted by the  Organization for Economic Co-operation and Development (OECD) to combat tax evasion in the world.

“Panama is ready to analyze the standard but we reserve the right to negotiate with each country. There are countries that exchange information automatically that could violate fundamental rights. Which is why Panama will only deliver that information to countries that will not  use it for political or economic persecution …  what if in this exchange of information of honest people started  going into the wrong hands? ” said Gian Castillero, advisor to the Foreign Ministry

“Panama has been moving toward standards of transparency and exchange of information in recent years. Rreputation is the most important asset of a country that has a platform of international services such as Panama. It’s up  to us now is not just to make legislative changes, but to ensure their implementation said Castillero.

One of the aspirations is that Panama and other financial centers commit to exchange financial information automatically and in accordance with OECD standards.

The secretary general of the OECD, the Mexican Jose Angel Gurria, presented a report to the G-20 last Thursday in which he said that there are some countries  that have not properly implemented the exchange of information upon request, as agreed in the 2009, and there are others that have not been committed to the new standard automatic exchange of information, scheduled to begin between 2017 and 2018.

H e noted that 98 jurisdictions have committed to adopt the Common Reporting Standards (CRS), The last territories to do so were the islands of Nauru and Vanuatu Pacific. “However, two financial centers Bahréin and -Panama have not yet done so Gurria said.

Following the publication of the investigation by the International Consortium of Investigative Journalists (ICIJ), and the pressures received from States and international institutions Vice President and Chancellor Isabel de Saint Malo de Alvarado announced  in a public statement the “full and immediate implementation of the automatic exchange of information on bilateral and consistent with the objectives of CRS’ commitment.