Tax Haven

#PanamaProjects: Two Views on Progress after Panama Papers

On 5 May 2015, Vice President and Foreign Relations Minister Isabel Saint Malo de Alvarado spoke at the Council on Foreign Relations in Washington, DC. In her remarks, Saint Malo emphasized two major themes: human development and transparency.

While she candidly acknowledged Panama’s history as an opaque and often corrupt steward of financial resources, she highlighted President Juan Carlos Varela’s determination to move quickly and decisively in a new direction. Regarding the so-called ‘Panama Papers,’ Saint Malo noted the publications referred to banks operating in 21 jurisdictions, none in Panama. She added that of the offshores revealed in the leak so far, 20 percent were registered in Panama, but 80 percent were registered elsewhere.