Panama has lost its appeal as a place to shelter their income from taxes. As Reuters reported, the country has joined under the auspices of the Organization for economic cooperation and development system of automatic exchange of banking and tax data.
Similar commitments took over Bahrain, Lebanon, Nauru and Vanuatu. Thus, today the system operates on the territory of 101 countries. Created by the OECD in 2013, while it is operated in test mode, but from 2018 must earn in full force.
Earlier, the international consortium of investigative journalism published excerpts from 11.5 million documents belonging to the Panamanian law firm Mossack Fonseca. Their journalists revealed information about offshore accounts, many belonging to former and current political leaders, public, cultural and sports figures.
