On January 15th, 2018, Panama signed the Common Reporting Standard Multilateral Competent Authority Agreement (CRS MCAA) at the Organisation for Economic Cooperation and Development (OECD) headquarters in Paris, becoming the 98th jurisdiction to join the CRS MCAA.
As it is known, the CRS MCAA is the main international agreement for implementing the automatic exchange of financial account information under the Multilateral Convention on Mutual Administrative Assistance. In this sense, according to the OECD statement, “by signing the CRS MCAA today, Panama is re-affirming its commitment to the automatic exchange of financial account information, pursuant to the OECD/G20 Common Reporting Standard, with exchanges set to commence in September 2018”.
It is important to notice that the signing of the CRS MCAA allows Panama to activate bilateral exchange relationships with all the other 97 jurisdictions that have already signed the agreement.
If you have any doubts or need further information, Castro, Barros, Sobral, Gomes is at your disposal.
André Gomes de Oliveira
Patrícia Varela Gomes