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(English) Panama Adapts as an International Financial Center

by Bruce Zagaris


August 15th, 2016

Panama’s status as an international financial center remains strong despite the adverse publicity caused by the Panama Papers. Since the start of President Juan Carlos Varela’s administration on July 11, 2014, Panama has enacted many new laws on tax transparency and related financial regulatory matters, which resulted in the Global Forum on Transparency and Exchange of Information for Tax Purposes upgrading its rating of Panama. However, in April the Panama Papers revelations brought more attacks on Panama’s lack of transparency. Shortly thereafter, Panama signed the OECD common reporting standard (CRS) and agreed to implement it in 2018.

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