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Panama, US sign accord to implement FATCA

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Panama, US sign accord to implement FATCA

Panamaand the U.S. have signed an agreement to implement the Foreign Account Tax ComplianceAct, better known as FATCA, Panama's Finance Ministry said April 27.

The agreementwill allow the automatic exchange of financial information between tax authoritiesof both countries. It also establishes requirements for due diligence to be usedby Panamanian financial institutions to report information related to FATCA.

"Panamacontinues to make progress in the field of financial and fiscal transparency, promotingglobal cooperation in the field of the fight against tax evasion, money-launderingand the financing of terrorism," Panama Finance Minister Dulcidio De La Guardiasaid in a statement.