Panama and the U.S. Sign a Tax Information Exchange Convention

On November 30, 2010, the United States and Panama signed a new tax information exchange agreement (TIEA) that would allow for access to information about Panamanian bank accounts and information on bearer shares for the first time. The TIEA has enormous significance because Panama is the most important entry point for capital from Latin America into the U.S. and Panama has long resisted signing a TIEA due to its strong international financial sector, which has been based in part on strong bank and financial confidentiality...(more)...