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Colombia takes Panama off tax haven list

Staff writer ▼ | October 23, 2014
The Colombian government announced that Panama will be removed from a list of tax havens after the neighbors reached agreement on Panamanian support to combat tax evasion in Colombia.
OK, Cuba said   The neighbors reached agreement
After several days of negotiations, Colombia and Panama agreed to sign an agreement for cooperation in the exchange of tax information. The countries signed a memorandum of understanding that lays the foundation for further negotiating a double taxation treaty.

“Achieving an agreement to exchange tax and financial information with Panama is an important step for international cooperation in the fight against money laundering and tax evasion,” said Finance Minister Mauricio Cardenas

Colombian President Juan Manuel Santos tweeted that the “agreement with Panama is good news for everyone,” announcing his administration will continue to hunt down tax evaders.

With the agreement Colombia is closer to obtain an estimated $2 to $7 billion, which are the heart of the conflict. The Colombian government is already experiencing a fiscal gap of $6.5 billion, as citizens continue to hide money in Panama and other countries as a means of avoiding taxation.