OECD blacklist of Panama threatens corporate share disclosure

The banking privacy issue continues to be a burr under the saddle of the G8 countries who are concerned that billions in taxes are being hidden away in Panama's numerous banks. It looks to me like Panama is left with little wiggle room as numerous sanctions are being threatened if Panama does not comply completely with the OECD requirements. This article from La Prensa says that the corporations and maritime industry are under threat by these requirements which would seem to indicate that pressures are mounting to force disclosure or corporate share ownership. This is a sad development and could spell disaster for a number of income sources the country currently enjoys at a time when it is all most needed.

Excerpts from La Prensa: The governments of the United Kingdom and France are determined to ensure that sanctions are applied to countries they consider "tax havens," including Panama.

Those countries pressed for the sanctions at the "G8" meetings yesterday. They have also been threatening to blacklist Panama and other countries through the Organization for Economic Cooperation and Development, a Paris-based group that, in part, tracks regulations that are enacted by offshore financial jurisdictions.