Stiglitz Committee initiated the reform of the Panamanian financial system – Yahoo Finance Spain

The government of Panama installed Friday an expert committee composed of Nobel economist Joseph Stiglitz to bring its financial system transparency standards required by the OECD, after the scandal of the roles of Panama.

This committee will be responsible “to assess the current practices of our financial services center and propose measures to share with other countries to strengthen transparency of financial and legal global systems, “said the president of Panama, Juan Carlos Varela.

according to the president, the problem of tax evasion” is a global problem, not just Panama “he said after signing an executive order for the creation of the Independent Committee of Experts for the Center for Financial Services and Corporate Panama.

This committee is headed by Stiglitz, an economist and professor who won the Nobel Prize in 2001 and known for his criticism of the model of globalization led by US and some international economic institutions

in addition, so make Mark Pieth, the Basel Institute for Governance.; . And Roberto Artavia, board member and ex-rector of INCAE Business School

For Panama, the group consists Nicolas Ardito Barletta, former president of the country and former vice president of the World Bank; Alberto Aleman Zubieta, Panama Canal exadministrador; Gisela Alvarez, former Minister of Commerce; and Domingo Latorraca, an expert on financial models.

This committee should now propose a maximum period of eight months possible reforms to the Panamanian financial center according to the demands of the Organisation for Economic Co-operation and Development (OECD ).

the financial system of Panama has received strong criticism after the scandal of the roles of Panama, some leaks that revealed the use of a Panamanian signed by personalities from around the world to create opaque societies, allegedly for evade taxes.

These publications prompted France to include back to Panama on a list of tax havens, while countries of the largest economies in the world, grouped in the G20, called to punish countries that do not cooperate in the fight against tax evasion.

in addition, leaders of the OECD accused Panama of being permissive with tax evasion for failing to exchange financial information automatically.

Panama started effect in January a series of reforms to eliminate the use of bearer shares and prevent tax evasion, but the lack of speed to lift banking secrecy and the automatic exchange of information has led to remain in the spotlight.

for now, Panama defends the bilateral exchange of information and not multilateral, because it ensures not prepared for it.

Varela asked the Committee helps to “pave the way for Panama to participate actively and lead the efforts of the international community to build a new global financeria architecture. ”