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Why has Panama not managed to escape the EU’s tax haven blacklist?

RIO DE JANEIRO, BRAZIL - The Economic and Financial Affairs Council of the European Union (Ecofin) decided at its meeting on October 5 to keep the Republic of Panama on the list of third countries it considers "non-cooperative on tax matters."

The EU bases its decision on the fact that Panama has still not been classified as "highly compliant" by the Organization for Economic Cooperation and Development's (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes for the exchange of information upon request.

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