Supplementary Peer Review Report Summary: Panama


The supplementary report recognises that Panama has taken a number of significant steps to respond to the recommendations in its 2010 Phase 1 report. It has introduced legal amendments lifting restrictions connected to domestic tax interest and attorney-client privilege and has entered into a number of exchange of information agreements, the majority of which are in line with the international standard. However, ownership and identity information is still not available in all cases, in particular, information about the holders of bearer shares. In addition, accounting information in respect of a number of relevant entities is still not available. Panama has not responded diligently to requests for entering into exchange of information arrangements in all cases. The supplementary report concludes that the legal and regulatory framework is still not sufficiently in place for it to advance to its Phase 2 review. The review asks Panama to report steps taken to address the recommendations made within 6 months. For further information on Panama's exchange of information practices and to read the full report click here.


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