At the 8th meeting of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, held in Barbados on 29-30 October 2015, Panama was officially accepted into Phase 2 of the information exchange peer review process.

1. Mossack Fonseca on Panama: Enters Phase
II of the OECD Global Forum Review
At the 8th meeting of the OECD Global Forum on Transparency and
Exchange of Information for Tax Purposes, held in Barbados on 29-30
October 2015, Panama was officially accepted into Phase 2 of the
information exchange peer review process.
The Global Forum peer reviews occur in two Phases: Phase 1 reviews assess
the quality of a jurisdiction’s legal and regulatory framework for the
exchange of information, while Phase 2 reviews look at the practical
implementation of that framework.
Panama’s Foreign Ministry noted that the country’s implementation
standards for the exchange of tax information upon request will be
assessed, with particular attention to those jurisdictions with which
Panama has agreements that allow the exchange of information.
Panama’s Deputy Foreign Minister Luis Miguel Hincapie said "This step
reflects the commitment of Panama in this area and the significant progress
in updating our legal framework. In a short time we have adapted to the
standards of fiscal transparency while at all times defending national
interests”. He went on to say that President Juan Carlos Varela, in his
recent speech at the General Assembly of the United Nations, announced
that Panama, like its major trading partners, is committed to the automatic
bilateral exchange of tax information, but with some conditions. The
President said the exchanges will have to take into account national
circumstances, the international geopolitical environment, and the right of
each country to take the necessary measures to ensure that the automatic
exchange of information is not misused to impair the competitiveness of
some countries for the benefit of others. President Varela proposed that the
issues be incorporated into the regular agenda of the United Nations to
ensure that they are discussed by the countries on equal terms.
There are now 96 jurisdictions which are committed to making the first
exchanges of information in 2017 or 2018. Panama has committed to
commence automatic exchanges in 2018.