Panama signs bank account info sharing deal with US

A police car outside the Mossack-Fonseca law firm offices in Panama City during a raid on April 12, 2016Panama and the United States on Wednesday signed an agreement on sharing of back account information in a step Panama’s finance minister hailed as proof of his country’s cooperation in fighting tax evasion. The bilateral agreement comes weeks after the Panama Papers, a series of reports around the world revealing how one Panamanian law firm set up offshore entities to help the world’s wealthy stash their assets. Following the revelations, Panama has come under intense international pressure to open its financial sector to greater transparency or risk being put back on an global “tax haven” blacklist.

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