Panama said to commit to global tax standard

The OECD announced that Panama has committed to sharing financial account information automatically with other countries.

The announcement that the country at the heart of the Panama Papers leak, along with Bahrain, Lebanon, Nauru and Vanuatu, will comply with global standards on tax transparency was made together with the Global Forum on Transparency and Exchange of Information for Tax Purposes.

After the leak of documents from the Mossack Fonseca law firm, the OECD slammed Panama for dragging its feet in fully complying with its standards.

With the new commitments, a total of 101 jurisdictions have committed to implementing information sharing in accordance with the Common Reporting Standard developed by the OECD and G20 countries.

"We are now seeing an unstoppable movement toward information sharing, on the basis of a single common standard developed by the OECD and endorsed by the international community," said Angel Gurría, OECD secretary-general.

"These political commitments to join the fight against tax evasion must be turned into practical reality, through implementation of the standards and actual exchange of information. Actions must now speak louder than words," Gurría added.