Q24N – The Panamanian government has announced its willingness to review current practices in the legal and financial system and collaborate with other governments in legal proceedings over financial and tax offenses.

Following the massive leak of financial information from a Panamanian law firm, the Government announced that it is evaluating the practices relating to its financial system and that it will collaborate with other jurisdictions to investigate citizens suspected of criminal activities, including tax evasion. The announcement was made by President Juan Carlos Varela.

From a statement issued by the Foreign Ministry of Panama:

Regarding the massive leak of documents relating to corporations from a Panamanian law firm with operations in different jurisdictions, “… Panama wants to make clear that this situation which has been misnamed “Panama Papers” is not our country’s problem, but that of many countries whose legal and financial structures are still vulnerable to being used for purposes that do not represent the common good of citizens. “

“… Serious and responsible governments do not negotiate the adoption of international obligations through the media but through diplomacy. The Government of Panama through our Foreign Ministry will create an independent committee of national experts and internationally recognized experts to evaluate our current practice and propose measures to share with other countries, in order to strengthen the transparency of financial and legal systems “.

Source: CentralAmericaData.com