Panama has not yet complied with the previous standard of the OECD, and now new requirements are being added in terms of automatic exchange of information.

While trying to get removed from the gray list of the FATF, Panama now faces a new demand from the Organization for Economic Cooperation and Development (OECD), which has amended the standard for compliance with automatic exchange of information, which needs to be complied with by Panama in order to avoid sanctions.

Gian Castillero, lawyer and advisor to the Ministry of Foreign Affairs in Panama, told the News Agency of Panama (ANPanamá) that formally each evaluation process is different and Panama is in compliance from a technical point of view and can now move to the second phase of peer review. ‘Having changed the standard for the OECD, they are undoubtedly causing undue pressure because it is not a parameter of the previous phase, but certainly it is pressure for Panama to make a decision on the automatic exchange of information’. ”

AnPanama.com reports “… in regards to sanctions which Panama could incur, these will be made known in October. “At the moment there is no direct consequence for us, but quite possibly at the next meeting of the Global Forum in October (2015), the circumstances could change at any moment. ‘ Among the measures mentioned, is the fact that the body may ask countries to take discriminatory measures against Panama, such as surcharges and limitations on lending, among other things, which would detract competitiveness, mainly in the financial center. “

Source: CentralAmericaData.COM