Panama will pursue transparency efforts in 2017

Subject

Panama’s efforts to improve transparency.

Significance

On December 12, Oxfam released its list of the world’s worst corporate tax havens. Much to the surprise of the Panamanian press, Panama was not included. After a year of high-profile scandals linked to tax evasion and money laundering, the government is striving to improve transparency levels and clean up the country’s image, in an effort to maintain its position as an international banking centre.

Impacts

• Panama will be one of Latin America’s fastest-expanding economies in 2017 despite the blows to its international image.
• The government will strive to ensure fast growth is not harmed by multilateral bodies that are monitoring Panama’s transparency efforts.
• It will also aim to uphold Panama’s attractiveness to multinational companies and banks, safeguarding its role as a strategic business hub.