The Obama administration signed a Tax Information Exchange Agreement (TIEA) with Panama yesterday. But a lot of work remains to be done before resolution of Congress’ concerns that no U.S.-Panama “free trade agreement” be considered until Panama cleans up its financial secrecy practices. Verifying that Panama is actually making the necessary changes will take some time. This gives the Obama administration the space to modify the terms of the deal that would make fighting tax-haven abuses difficult.
Read Todd Tucker's statement.