The Organisation for Economic Cooperation and Development called on Panama to meet international tax transparency standards. (File Photo)
The Organisation for Economic Cooperation and Development called on Panama to meet international tax transparency standards on Monday, saying it was failing to live up to promises to share information with other countries.
Media revelations about the clients of a Panamanian law firm specialised in setting up offshore companies has thrust the country into the spotlight.
The OECD said it had warned G20 finance ministers in recent weeks that Panama was backtracking on its commitment to share information on financial accounts with other governments.
"The consequences of Panama's failure to meet the international tax transparency standards are now out there in full public view," OECD Secretary General Angel Gurria said in a statement.
"Panama must put its house in order, by immediately implementing these standards," he added.
The Paris-based group has been leading efforts to set international standards on tax transparency, including by getting countries to commit to sharing tax data with other countries.
© Thomson Reuters 2016
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