Panama Releases Further Details about CRS Implementation

Tom Hospod
June 10, 2017

This blog was last updated on June 27, 2021

The Panamanian Ministry of Economy and Finance has released additional information regarding its implementation of the Common Reporting Standard (CRS). A late adopter, Panama has committed to commencing exchanges in 2018.

Panama has ratified secondary legislation for the implementation of CRS – the final legislative step in imposing the duty to report on Panamanian financial institutions. Additionally, the Ministry has indicated that it does intend to adopt the “wider approach” to due diligence – which entails collecting account data on all foreign accounts, rather than exclusively the CRS partner jurisdictions, in order to have this data prepared when additional countries commit to the standard.

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Author

Tom Hospod

Tom Hospod is a Regulatory Counsel at Sovos Compliance. Within Sovos’ Regulatory Analysis function, Tom focuses om Affordable Care Act (ACA) reporting, Tax Withholding, and Automatic Exchange of Information (AEOI). Prior to Sovos, Tom worked as a legislative aide in the Massachusetts House of Representatives. Tom is a member of the Massachusetts Bar, earned his B.A. from Boston College and his J.D. from the University of Miami.
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