Panama Exposes Financial Services Policies
OECD ambassadors were communicated the country's willingness to implement transparency and information exchange standards.
Monday, August 17, 2009
Panama's Government explained its interest in establishing policies and agreements necessary to prevent the country's inclusion in tax-haven blacklists.
The Panamanian government has announced its willingness to review current practices in the legal and financial system and collaborate with other governments in legal proceedings over financial and tax offenses.
The Panamanian Chamber of Commerce has rejected accusations made by the French President, Nicolas Sarkozy, in which he implied that Panama was a tax haven.
In light of its inclusion in the list of countries who do not have sufficient "fiscal transparency", Panama has requested a supplemental report that includes all measures implemented in the area since May 2010.
The traditionally high competitiveness of Panama as a financial center is being threatened by the pressures bearing down on it from multiple fronts.
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