Panamanian authorities announced that as of September 2020, it will begin to exchange financial information automatically with the South American country.

Negotiations between the two countries began in 2019 and at the technical meetings they agreed on the mechanisms that will be used to automatically double-track the information.

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Press.com reviews that “… This process became known as a result of the statements made by Colombian officials, who publicized in their country all the efforts they were making to capture more income. In Panama, however, the issue was kept very low profile, until Economy Minister Hector Alexander announced the agreement on March 9.”

The article adds that “… Panama has signed more than 70 agreements with countries with which it automatically exchanges financial information. However, Colombia was not on the list of nations.”

Due to Panama’s need to seek global recognition of its progress in financial transparency, the signing of the agreement was possible, despite the existence of trade differences between the two countries.

Source: Prensa.com