Mossack Fonseca on Panama: Enters Phase II of the OECD Global Forum Review

At the 8th meeting of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, held in Barbados on 29-30 October 2015, Panama was officially accepted into Phase 2 of the information exchange peer review process. The Global Forum peer reviews occur in two Phases: Phase 1 reviews assess the quality of a jurisdiction’s legal and regulatory framework for the exchange of information, while Phase 2 reviews look at the practical implementation of that framework. Panama’s Foreign Ministry noted that the country’s implementation standards for the exchange of tax information upon request will be assessed, with particular attention to those jurisdictions with which Panama has agreements that allow the exchange of information.