In order to crack down on tax evasion, the US has signed a data exchange agreement with Panama that will allow the Internal Revenue Service to access information on bank accounts of US citizens in Panama.
The move formalises an existing arrangement between the two countries, which has been in place since 2014 and enables automatic information sharing on US bank accounts.
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In addition, the two countries already have a separate agreement in force since 2011 that allows exchange of tax-related data.
The signing of the latest deal comes following the massive data leak, dubbed the Panama Papers, which exposed how the world’s affluent conceal their wealth from the taxman.
Many illustrious names and details were revealed due to over 11 million files leaked from Panama-based law firm Mossack Fonseca. The papers were obtained by the German newspaper Süddeutsche Zeitung from an anonymous source and shared with numerous leading media organisations by the International Consortium of Investigative Journalists (ICIJ).
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