PARIS Oct 27 Panama signed on Thursday a
multilateral convention to share foreign taxpayers' details with
other governments, the Organisation for Economic Cooperation and
Development (OECD) said, marking a big step towards ending its
status as an offshore tax haven.
Panama's role as a major offshore tax haven came into the
public spotlight earlier this year when thousands of documents
were leaked showing how a Panamanian law firm had helped the
rich and powerful around the world evade taxes.
"Panama's decision to sign the multilateral convention is a
confirmation of its commitment to take the necessary steps to
meet international expectations in the fight against tax
evasion," OECD Secretary-General Angel Gurria said in a
The OECD's head of tax policy told Reuters on Wednesday the
negative publicity and threat of being blacklisted
internationally as an uncooperative tax haven had spurred Panama
to clean up its act.
(Reporting by Michel Rose, editing by Astrid Wendlandt)