Panama has taken "substantial steps" to tackle tax evasion after last year's leak of millions of documents from offshore law firm Mossack Fonseca revealed the nation's role as a global enabler of illicit financial flows, an international economic body said. The Organization for Economic Cooperation and Development, or OECD, lifted Panama's global financial transparency ratings from "non-compliant" to "largely compliant" Wednesday following improvements to its financial information sharing, regulatory supervision and record keeping. The OECD said its fast-track assessment of some of the worst-performing nations showed that Panama had made efforts to address many shortcomings since its last evaluation in...
The head of an EU parliamentary committee reviewing files leaked from Panamanian law firm Mossack Fonseca said their yearlong investigation has been hampered by officials refusing to hand over documents and bank executives failing to appear at hearings.
As media organizations prepare to launch a database of records leaked from a Panama City-based company, a top Panamanian official on Thursday reiterated the country's plans to improve its financial transparency.
The Panama Papers are justifiably grabbing headlines. But it's important to step back and have a little perspective: the use of shell companies for tax evasion, the proceeds of corruption and other crimes detailed in the papers are outrageous, but sadly nothing new.
The leak of millions of records purporting to show widespread exploitation of offshore financial centers by global leaders, lenders and criminals is expected to draw governmental scrutiny of illicit finance, however unevenly.