For decades, Panama was one of the few places where people around the world could hide money owed to their country’s tax collector. Earlier this year, however, the Central American nation had a change of heart about condoning this dishonest practice. In March, after the media release of the “Panama Papers” exposed its role as a secretive tax haven, it began a deep introspection about holding company with the wealthy corrupt, drug cartels, and terrorist groups.
On Oct. 27, in an act of national repentance, Panama finally signed a multilateral convention that requires it to shine a bright light on any black money parked in its financial institutions.
Panama has not received much praise for its prodigal-son moment. German Chancellor Angela Merkel commended it for “very swiftly” adopting newly established standards for reporting foreign assets. But its