Panama Faces Up to the Panama Papers Crisis

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.

Thursday, April 7, 2016

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.

See also: "Who Doesn't Need an Offshore Account?"

From a statement issued by the Foreign Ministry of Panama:

Regarding the massive leak of documents relating to corporations from a Panamanian law firm with operations in different jurisdictions, "... Panama wants to make clear that this situation which has been misnamed "Panama Papers" is not our country's problem, but that of many countries whose legal and financial structures are still vulnerable to being used for purposes that do not represent the common good of citizens. "

"... Serious and responsible governments do not negotiate the adoption of international obligations through the media but through diplomacy. The Government of Panama through our Foreign Ministry will create an independent committee of national experts and internationally recognized experts to evaluate our current practice and propose measures to share with other countries, in order to strengthen the transparency of financial and legal systems ".



More on this topic

Who Doesn't Need an Offshore Account?

April 2016

Legal tax engineering is a mandatory business practice for anyone who wants to be competitive in today's globalized world, and only those who are not entrepreneurs can afford to refuse to acknowledge this fact.

EDITORIAL

With the same firmness that we criticize businesspeople who evade taxes or bribe officials to get a contract, we must defend every business practice which is framed within the law to pursue the best use of available resources to generate wealth through the production of goods and services, which is what businesses do.

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 Behind in Fiscal Transparency

October 2011

The country has not been able to pass the first filter set by the Global Forum on Fiscal Transparency.

Accompanied by Uruguay and Barbados, among other countries, Panama is part of the list of countries that, according to the OECD, do not meet certain rules to promote tax transparency, for example, the implementation of information exchange agreements.

Panama Exposes Financial Services Policies

August 2009

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

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

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