The organization has rejected Panama’s attempt to implement automatic exchange of tax information using a different system to the standard used by the organization.

The General Secretariat of the Organisation for Economic Co-operation and Development (OECD) understood the proposal put forward by Panama to exchange tax information through bilateral agreements as moving away from its commitment to the model adopted by this organization, and has once again included the country in the gray list alongside Bahrain, Nauru and Vanuatu, which have so far not announced their adherence to that model.

Prensa.com reports that “…Although Panama has not changed its position since October regarding its willingness to move towards automatic exchange of financial information albeit with certain conditions, the Organisation for Economic Co-operation and Development (OECD) has put the country back on the list of jurisdictions that have not committed themselves in this area “… after the announcement by President Juan Carlos Varela that” …Panama will proceed with the exchange, but bilaterally, similar to that of the US. “

See: “OECD Puts On Pressure Over Exchange”

“… The Foreign Ministry said the body misunderstands the position of Panama and that failure to adhere to the model proposed by the OECD does not mean that there is not a commitment. “

Source: Prensa.com