President Juan Carlos Varela, President of Panama will comply with the OECD, by implementing in 2018, the automatic exchange of financial information.

Panama has been making changes in his legislation to comply with international standards of business. This was what the Vice-President and Minster of Foreign Affairs, Isabel De Saint Malo stated.  This initiative gave Panama the back up by GAFI, of taking the country off the grey list in January and ratified by the Latin American branch GAFILAT.

At the Extraordinary Session of the United Nations, that is taken place in NY this week.  Her Excellency Isabel de Saint Malo de Alvarado, announced that Panama will begin the automatic exchange of information, which was proposed by the OECD, beginning 2018.

This is a new step of the country to fortify the transparent system. A strategy to prevent even more the money laundering of capitals law that has been implemented since 2014.

Initially the President of the Republic Juan Carlos Varela stated at the General Assembly that Panama would exchange information on a bilateral basis. Since Panama has no other industry than that of services. However in view of the scandal that erupted a few weeks ago wrongly named Panama Papers, the government has decided to take a proactive approach and show the world that the actions of a firm cannot speak for the hold country and its people who are hard working and good host to foreigners.

The Minister went on to state the strategies that the country is carrying out against the bad use of financial and corporative platforms. This in view of the investigation published by CIPI, that put the firm Mossack on Fonseca on the worldwide scope of alleged questionable offshore activities.

The Minister went on to say that the Panamanian government has proven his commitment with full transparency, its conviction to fight against illegal and criminal activities, even tough, when these activities are not initiated in the Panamanian territory.

We are a safe and liable country she said. We are much more than publications, we are a country that is in a bond with equity, transparency, and vocation of service.

She mentioned the important fact that the resident agencies that are lawyers should comply with the Know Your Client (NYC) policies to avoid money laundering, terrorist financing and any other illicit activity in accordance with the Panamanian law and international treaties and conventions ratified by the Panamanian government.

On the other hand the President of Panama Juan Carlos Varela who is on a official visit to Japan, stated that he will put an end to bearer shares. In the future it will have to be known who is the owner of a Panamanian company.

Well as we see after weeks of intense blows to the Panamanian financial center, the government has began to reach out to the world in a clear effort to show that Panama is willing to step up to the plate and face the world with a clear message of dignity and resilience, that was much waited for by the international community.

We know that this is just the beginning of many changes worldwide, however the important factor is that Panama is showing a huge sign of responsibility and most of all its interest in maintaining his conviction from a broad spectrum of clear vision that we are part of the world and a key player in making the world a more transparent and safe one.

We must remember that after a long relationship with the US, thanks to the Panama Canal, the world should know that the Canal is bigger than any other interest that can jeopardize our spirit of a neutral country that with only almost 4 million people is trying to put is token of help towards a more transparent and free world.

Source International Consortium of Investigative Journalists

Source La Prensa Panama

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