A committee of national and foreign experts appointed by the President Juan Carlos Varela will analyze the disputed practices of the financial sector.
Experts constituent were presented this Friday during the signing of the executive order that makes it a recommendation of the President and vice President Isabel de Saint Malo.
the committee will have a maximum period of six months to present the findings and propose measures to strengthen transparency of financial and legal systems.
Juan Carlos Varela president of the republic
the creation of expert group was announced by President Varela earlier this month, following the international scandal over the leak of files Panamanian law firm Mossack Fonseca, which highlighted a number of irregularities committed by locally registered companies.
‘More than a difficulty, this represents an opportunity to show the world our financial system and the robustness of our economy, “stressed Varela during the formal ceremony.
the seven members of the group were present along with representatives of the diplomatic corps accredited in Panama and representatives of unions and civil society organizations
the main functions of this group will revise policies, laws and international treaties.; assess the effectiveness of recent reforms sectror and identify vulnerabilities in the platform of international services.
Specialists will meet at least once a month either personally or by electronic means and will not receive financial remuneration but the expenses incurred by the mission that they are responsible will be covered by the state.
Before signing the executive order that gave way, the Committee met with President Varela, who pledged to respect its recommendations.
Joseph Stiglitz (United States). Economist and Nobel laureate in economics.
‘The installation of this committee, we do in fulfilling our duty as a nation to move forward for transparency and strengthening our platform logistical and financial, to avoid that it can be used for illegal purposes or for purposes that do not represent the common good ‘services said President Varela.
and reiterated that the irregu ties identified after leaks documents Mossack Fonseca are a global problem, because worldwide there are those who take advantage of legal financial structures, which may be vulnerable, for illicit purposes.
the Minister of Economy and Finance, Dulcidio of guard said that Panama will continue with the negotiation of bilateral agreements for the exchange of tax information. However, President Varela did not rule out ‘in the future’ can also be negotiated multilateral agreements on automatic exchange of tax information, as required by the Organisation for Economic Co-operation and Development (OECD).
“Right now we believe that we must be responsible and consistent with international commitments we make to be able to be able to fulfill them,” he said to justify why Panama does not sign multilateral agreements and recognized the need to strengthen the DGI.
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