Panama Exposes Financial Services Policies

OECD ambassadors were communicated the country's willingness to implement transparency and information exchange standards.

Monday, August 17, 2009


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Panama's Government explained its interest in establishing policies and agreements necessary to prevent the country's inclusion in tax-haven blacklists.

An article in Estudio1panama.com remarks that as part of the State's strategy for the promotion of the country's International Financial Services, "Panama will adopt public policies for promoting, negotiating, signing and implementing treaties to avoid double taxation, tax information exchange procedures offering economic advantages like fostering foreign investment, and measures promoting greater transparency in economic services activities".

More on this topic

Panama Faces Up to the Panama Papers Crisis

April 2016

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.

Following the massive leak of financial information from a Panamanian law firm, the Government announced that it is evaluating the practices relating to its financial system and that it will collaborate with other jurisdictions to investigate citizens suspected of criminal activities, including tax evasion. The announcement was made by President Juan Carlos Varela.

Chamber of Commerce Rejects Tax Haven Accusation

November 2011

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.

A press release from the Panamanian Chamber of Commerce, Industries and Agriculture states:

The Panamanian Chamber of Commerce, Industries and Agriculture (CCIAP), rejected the accusation made last week by French President Nicolas Sarkozy, in the context of the G-20, which indicated that Panama is a tax haven.

Panama Objects to Being Classified as a Tax Haven

October 2011

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.

A statement from the Ministry of Economy and Finance of Panama reads:

SWOT Analysis of Panamanian Banking

June 2009

The traditionally high competitiveness of Panama as a financial center is being threatened by the pressures bearing down on it from multiple fronts.

The auditing firm KPMG is carrying out, under assignment by the Superintendent of Banks, an analysis of the competitiveness of the Panamanian banking center.

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