The “Panama Papers” revelations have thrown light on Panama’s culture and secretive ways of carrying out business. Panama is the last major tax haven that continues to allow funds to be hidden offshore from tax and law enforcement authorities flouting international best practices with impunity. The OECD has been leading a global crackdown on these practices since 2009, working hand-in-hand with the G20 countries. OECD has been constantly and consistently warning of the risks of countries like Panama failing to comply with the international tax transparency standards. The consequences of Panama’s failure to meet the international tax transparency standards are now out there in full public view. Hence, Panama must put its house in order, by immediately implementing these standards.
(Last Updated On: April 5, 2016)