More Changes Needed From Panama To Quash Tax Evasion: UN – Tax

by Mike Godfrey,, Washington

15 May 2017

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

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