Wednesday, Sep 22, 2021
International Finance
Economy

OECD upgrades Panama’s financial transparency rating

OECD Global Forum announcement reflects reform accomplishments of President Varela's administration

The Global Forum of the Organization for Economic Cooperation and Development announced the results of its Fast-Track Review of Panama, and upgraded Panama’s transparency rating as largely compliant, recognizing its commitment to meet international standards. The rating also means that Panama will not be black-listed by the G20 in their upcoming meeting.

In March 2017, Panama requested a Fast-Track review, as the previous evaluation was based on out-dated legal frameworks and had failed to take into account the country’s new regulatory developments as well as policy decisions. Additionally, Panama, in record time, ratified the Convention of Mutual Administrative Assistance (MAC), which allows for exchange of tax information with over 100 jurisdictions, one of the key requirements to obtain a positive evaluation by the Global Forum.

The Fast-Track review process was created to evaluate continuing efforts by some jurisdictions to meet transparency standards in the run-up to the G20 Summit, which will take place next July in Hamburg.

“This is great news to us. It is a testament to all of our hard work to fight against tax evasion and to meet international expectations and standards regarding transparency, which have been ongoing from day one of the Varela administration. We will continue working for transparency, and we celebrate that the international community recognizes our commitment to international standards,” said Minister of Economy and Finance, Dulcidio De La Guardia.

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