On 30 September, Transparency International marked the 5th anniversary since the release of the Panama Papers.  While it says that various governments have so far recovered some $1.36 billion in tax as a result, and with civil and criminal cases against those accused of money laundering and corruption continuing, it also says that transparency loopholes in corporate ownership in Panama remain.  In January 2020, the government approved a Law which established a regulatory framework to create of a beneficial ownership register in Panama and, while this was an important step towards detecting and fighting corruption, this framework was said to be “riddled with gaps”.  It says that the government should address the weaknesses in its proposed framework for a beneficial ownership regime in the country and move towards implementing the framework to put an end to the abuse of anonymous companies.

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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