France's Grey List: Guatemala Out, Panama Continues

The French government reported that it removed Guatemala from the list of countries that do not cooperate with the exchange of fiscal information, but kept Panama.

Wednesday, January 8, 2020

The European country's authorities reported that Guatemala was removed from the list because it ratified the convention on mutual administrative assistance in tax matters of the Council of Europe and the Organization for Economic Cooperation and Development (OECD).

The French Economy Ministry's statement dated 7 January 2020 explains that "... despite the dialogue established, the state of fiscal cooperation with Panama has not allowed enough progress to justify a withdrawal from the French list."

See "Panama Back on French List of Tax Havens" reviews that despite the fact that at the end of 2019 "... Panama and France signed a declaration of intent regarding the creation of a working group on cooperation in fiscal and financial transparency with the aim of seeking mechanisms to exclude the Republic of Panama from the French list of non-cooperative countries in tax matters", efforts were not enough.

Samuel Moreno, president of the Panamanian Association of Economists, said that "... We are very surprised that France maintains a position, when the French have been involved in many situations related to other countries, while Panama, a small country, which has made many adjustments, such as legislation, in which evasion constitutes a crime, modifications in banking and insurance and securities issues and even a new Superintendence of Non-Financial Subjects, has not been recognized for its efforts."

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More on this topic

Fiscal Transparency between Panama and France

November 2019

An agreement was signed to create a working group on fiscal and financial transparency cooperation, with the aim of removing Panama from the French list of non-cooperating countries in tax matters.

The Ministry of Economy and Finance of Panama reported that the working group will contribute to strengthening cooperation, improving the exchange of fiscal information, promoting financial transparency and the fight against money laundering, focusing on finding more efficient mechanisms and practices for the exchange of information for fiscal purposes, within the framework of the provisions of the tax agreements in force between the parties, including all aspects of the process, from the preparation and sending, to the receipt and response of requests for exchange of information.

Panama on the Black List of the European Union

December 2017

After two years of negotiations the European Union has reached a consensus and defined a list of 17 nations considered to be "tax havens", among which is Panama.

For the first time, tax authorities in the European Union have announced the creation of a black list, composed of 17 countries considered "non-cooperative jurisdictions in fiscal matters".

Panama Back on French List of Tax Havens

April 2016

The country's reappearance on the list of jurisdictions accused by France of tax opacity, would mean the application of a withholding tax on transactions between the two countries.

Only one day after the revelation of leaked information from the Panamanian law firm Mossack Fonseca, the French government has announced that Panama will once again be included in the "black list" of countries that do not cooperate in terms of fiscal and financial transparency.

Panama Could Go Back to OECD Gray List

March 2014

The Minister of Finance announced that the country did not pass the first stage of the review by the OECD because it has not implemented a law immobilizing bearer shares.

An assessment of tax transparency and exchange of information that would have been made by the Global Forum Organization for the OECD will prevent the country from being removed from the list of tax havens.

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