This issue and regulatory management were the center of debate over Panamanian banks' competitiveness and their future in the 19th banking conference, organized by the Panamanian Banking Association (ABP).
"While ABP acknowledges that coming off the OECD's 'gray list' will have a positive impact for Panama and the financial system, it is concerned that one of the central clauses of the agreements being signed is the exchange of information, which could affect banking confidentiality," reports Prensa.com.
OECD is the Organization for Economic Co-operation and Development.
The Panama Banking Association has asked the government to respond to statements made by the French president and claim compensation for damage caused to the country.
Mario de Diego, executive vice president of the Panama Banking Association (ABP), said that if the concern of the member countries of the Organization for Economic Cooperation and Development (OECD), "is that the Panamanian banking system is safeguarding funds originating from these countries, statistics show the opposite."
Both countries have taken steps toward signing a double taxation agreement.
On signing this agreement Panama will have completed 10 of the 12 it needs to be removed from the OECD’s gray list.
“Miguel Serrao and Helena Ferreira, officials from the Portuguese government, met with the Panamanian delegation headed by chief negotiator, Luis Laguerre, who represented the Vice-Minister for the Economy, Frank De Lima,” reports Panamá América.
Panama has announced that it will negotiate an agreement with Canada on exchange of tax information (TIEA).
The news was announced by the Panamanian Minister of Economy and Finance, Frank De Lima, who also noted that Canada insisted on signing a TIEA because it allows taxpayers to make deductions from the taxes they pay in another country.
The country completed 9 of 12 agreements required by the OECD to remove it from the tax haven gray-list.
The president, Ricardo Martinelli and his counterpart Lee Myung-bak took part as honorary witnesses to the signing of the Treaty for Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to income taxes between the two countries.
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