¿Quién le teme a la OCDE?

(Fragment- Participation of Eduardo Morgan Jr.)

Martes Financiero

Edición N° 744 | September 04, 2012

Central Report

WHO’S AFRAID OF THE OECD?-     Tax, Sovereignty and Cooperation

The “rich counties club”, or the OECD ignites the fiscal debate. January 2013, new deadline for reforms.

By Oscar Brown and Melissa Novoa Llorente-  [email protected]

The situation. Panama is living a tax revolution which directly impacts the competitiveness of the country.

Eduardo Morgan Jr. took the floor and one minute and eleven seconds was enough to set the Panamanian more radical position against the Organization for Economic Cooperation and Development (OECD). At first, as buzzing bees and then as the sound of a downpour, the intervention was heard in the main meeting hall of the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP) shortly before the end of the forum over the OECD Global project during which the situation of the country in matters of international fiscal transparency was analyzed.

“Have you studied if countries [members of the OECD] have the system Panama has, of lawyers as resident agent, also, that the directors of the company are registered in the Public Registry, and the information, available to the public according to our “Know your Client” legislation”?, Dr. Morgan asked the panel.  The panel was integrated by representative members of the financial service platform of the country; and by an audience of at least 100 people dressed in formal attire.

He went on and asked “Do you know the opinion of the Attorney General about the Panamanian system Public Registry lawyer resident agent, who is required to know the customer and does not allow anyone to hide behind a bearer share to commit knaveries through a corporation without being caught? “. He closed with this statement: “In that regard, Panama does not have any antecedents.”

Outside the meeting Morgan Jr. emphasizes more strongly: “The Government should be aware that the OECD, is not an international organization but a club of rich countries, such as The Economist magazine and Paul Krugman, winner of the Nobel Prize in Economics, 2008 – call it. What they seek is to do away with its competitors. And Panama is one of them.

The fulgent intervention of Morgan Jr. illustrates how the debate about the suggestions of the OECD on more transparent management of the fiscal information, is being expressed