Subject to pressure, Panama returned to sit at the negotiating table with Colombia, with the purpose of reaching an agreement for the exchange of financial information, however, one of the points where there could be controversy is in the position of Panama to provide information upon request and not in an automatic fashion as is being claimed by the neighboring country.
Experts believe that Colombia is pressuring Panama to reach this agreement on claims that it is a tax haven.
This week, the Minister of Finance of Colombia, Mauricio Cárdenas, said in a program on RCN Radio, that "if Panama should agree to exchange tax information with Colombia, it would stop being considered a tax haven".
"Exchange of information is needed, i.e., when Colombia requests information from Panama, on the status of any Colombian taxpayer, Panama could be ready and committed to provide this information." That is the requirement not to be deemed as a tax haven", he said.
This agreement with Colombia in economist Juan Jované´s view, however, does not help Panama with the problem that it faces at the Organization for Economic Cooperation and Development (OECD).
"Signing this agreement is relevant because we do not have problem with that country right now, but with the OECD who is thinking that information exchange should be multilateral and automatic, and does not endorse the possibility that it be country-by-country or bilateral, as has been proposed by Panama", said the economist.
He said that the Government has not explained this situation and its implications well to the population, because it seems it is more interested in defending the interests of a law firm that in the problem as a country.
He explained that as Panama falls into various lists, many banks will not want to be correspondents in Panama because it would get them into trouble, "that is serious for a country that wants to consolidate itself as a logistics center and financial center".
In addition, he pointed out that the reserve of Panamanian banks could fall as people opt to withdraw their deposits from Panama to avoid exposure and the only way to deal with it would be reducing the amount of credit that would affect the entire economy.
According to reports of the Colombian-Panamanian Chamber of Commerce, Colombians in Panama´s investment amounts in recent years to 6 thousand 550 million dollars, approximately, while the Panamanian investment in Colombia is 17 thousand million dollars.
Former President of the Panamanian Association of Business Executives (Apede) Roberto Troncoso said that Colombia pushed Panama because is knows that is has 20% of investments and deposits in this country and has even acquired companies, family and traditional factories in the country, so it is forcing Panama to give information.
However, behind this pressure from Colombia for the exchange of information, there is an interest and it is showing Panama as a trophy to enter the OECD Group.
"It looks as though we are the Guinea pig and this is just not right," said Troncoso.
"Colombia is trying to force a situation of automatic information with regard to Colombian companies established in the country so it would be able to see if they evade taxes, but that should follow a procedure and should be requested by competent authorities, but Colombia seeks automatic information," he said.
David Saied, Chairman of the Macroeconomic Commission of Apede, pointed out that Panama is under pressure in relation to what happened recently with the international scandal called Panama Papers, but what we will have to check is if Colombia would merely accept an exchange of information on requirement and not in an automatic fashion.
"Everything will depend on what type of agreement is achieved, since if an automatic exchange of information this would have a negative impact on banks, above all, which would decrease if it is accomplished on request", he said.
Olmedo Estrada, President of the Association of Economists, said that the Colombian companies established in the country came in search of new opportunities, security and benefits, which is what the Panamanian system offers.
To the economist, the attack from Colombia to Panama develops precisely because the South American Government resents the amount of Colombian investors who are in the country.
