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Panama Reviews AML, Tax Info Exchange Legislation

by Mike Godfrey, Tax-News.com, Washington

03 September 2015


Panama's Presidential High Level Commission for the Defense of International and Financial Services (CANDSIF) recently held a meeting to review the country's progress on improving tax transparency and combating money laundering.

In particular, CANDSIF reviewed legislation passed earlier this year as part of Panama's commitment to address strategic Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) deficiencies identified by the Financial Action Task Force (FATF). The country is currently included in the FATF's "grey list."

CANDSIF also reviewed recent legislation to facilitate the exchange of tax information with other countries. The country announced in July that it has failed to progress to Phase 2 of the review carried out by the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes.

CANDSIF consists of representatives from the public and private sectors, and provides a forum for analysis and discussion to develop policies to safeguard national interests.

TAGS: compliance | tax | tax information exchange agreement (TIEA) | tax compliance | interest | Organisation for Economic Co-operation and Development (OECD) | legislation | tax reform | Financial Action Task Force (FATF) | Panama | Tax | Tax Evasion

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