CONTACT US

For any general inquiries, please fill in the following contact form:

Our websites never use cookies or other technologies such as pixel tags and web beacons. We only retain personal information when the contact section of our websites is filled. To proceed and get in touch with us through this format please read our Terms & Conditions, updated to be in line with the provisions of the GDPR, and tick this box to consent in us retaining the above information for contacting purposes only.

SUBMIT

More Changes Needed From Panama To Quash Tax Evasion

More Changes Needed From Panama To Quash Tax Evasion

By Mike Godfrey, Tax-News.com, Washington

Panama needs to require greater due diligence from financial and banking institution to tackle tax fraud in the wake of the Panama Papers scandal, a United Nations official has said. 

"The main component of illicit cash flows at the global level is tax fraud," UN rights expert Juan Pablo Bohoslavsky told UN News. "These funds, which circulate and are deposited in the shadows of the financial and corporate systems, consolidate poverty and inequality in the world.

" While he said the focus of the Panamanian authorities should be on the fight against tax evasion, he also acknowledged Panamanian authorities' efforts to promote financial and corporate transparency and to strengthen the financial regulatory system, adding that Panama now has a more robust regime than it did a few years ago.

"The most onerous tax evasions must be severely punished within the framework of a comprehensive strategy covering all dimensions of tax fraud," Bohoslavsky said. He added that financial and non-financial intermediaries have the "duty of knowing the client" and should be obligated to report suspicious transactions, rather than facilitate them.

He further advocated the adoption of clear legislation "to prevent conflicts of interest of public officials and to ensure the autonomy of regulatory agencies."

http://www.tax-news.com/news/More_Changes_Needed_From_Panama_To_Quash_Tax_Evasion_UN____74244.html

MORE NEWS

New Panama Papers Leak Reveals Firm’s Chaotic Scramble To Identify Clients, Save Business ...

New Panama Papers Leak Reveals Firm’s Chaotic Scramble To Identify Clients, Save Business Amid Global Fallout
On March 9, 2016, employees of Mossack Fonseca, a Panamanian law firm that for decades had kept the financial secrets of global celebrities,...

Dodgy dating sites use tax haven overseas to slip by police

Dodgy dating sites use tax haven overseas to slip by police
A shifty character named “Kariya” helped shady online dating sites avoid the law in Japan by establishing their headquarters abroad with ...

US Treasury Department targets Singapore for money laundering

US Treasury Department targets Singapore for money laundering
Last month, the Asia Sentinel reported that the US Treasury Department has initiated a wide-ranging campaign against money laundering ...

Who's behind the blog

Who's behind the blog

SOCIAL MEDIA