This is an interesting perspective on Panama and how we must deal with the perception and  realities of being a country with a banking system that still provides for confidentiality.  This in from CentralAmericaData.com

If Panama does not efficiently and effectively provide the information required by foreign authorities, it will worsen the current perception of noncooperation.

An analysis of this thorny issue made by Carlos Barsallo, president of the National Securities Commission, makes clear that since 1949, with the adoption of Act 62 of 1938, Resolution 38 October 1949 and the reform of the Tax Code 1957 and subsequent regulations, has the clear purpose of turning Panama into an offshore financial services center (commonly known as a tax haven).

Barsallo notes that, beyond the hypocrisy of many governments now branding Panama as a tax haven, the general vocation of its financial system is precisely to provide services “solely based on confidentiality and non-international cooperation.”

Regarding the measures taken by Panama in recent years, such as the signing of bilateral tax information exchange and other internal rules to reform the system, Barsallo says that now the question is whether to put into effect those actions, which undoubtedly “will be to the liking of some and not to others.”

“If it provides the required information Panama may begin to overcome the problem of international complaints about lack of cooperation, but end users of the services that Panama offers who have made their decision to use Panama, exclusively based on confidentiality and Panama’s international cooperation are likely to reconsider their decision. ”

Source: Prensa.com