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OECD

Panama agrees to sign OECD proposal

Temas:

Vice President and Foreign Minister Isabel de Saint Malo de Alvarado expressed a commitment to the implementation of an automatic exchange of information "consistent with the objectives of the Common Reporting Standard."
This is the standard that is being promoted by the Organization of Economic Cooperation and Development (OECD) to combat tax evasion.

More than 90 countries have committed to adopt this standard between 2017 and 2018. Panama had shown commitment to the automatic exchange of information, but had refused to adopt this standard. Instead, it wanted to have greater control of the parameters under which information would be shared.
But Panama faced repercussions by the OECD, which led to the decision.

Saint Malo announced Thursday that "we are ready to actively support diplomatic dialogues and domestic reforms to address this global challenge," referring to greater international transparency.

"We are open and willing to engage internationally" to evaluate specific multilateral mechanisms for these standards, she added.

Meanwhile, in Washington, Jose Angel Gurria, Secretary General of the OECD, said he supported the decision of Panama.

"We have just received information that a few minutes ago Panama went public with a statement that it will join the common parameters of information delivery," Gurria said at a news conference. "If that is so, it is actually very good news and a welcome change."

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