The answer is twofold. I think that the actual list from 2002 is frozen in time and will not change. More recently, in 2009, a black/grey list was created. The black list consists of completely uncooperative countries. At this time, Panama finds itself on the so-called grey list. To be taken off the grey list, 12 agreements are needed. Panama is currently at 10.
I would say that they are halfway there. It's not just a matter of going from the grey list to the white list. The country in question must show that it has not only the potential, but also the ability to exchange information under current agreements. That's something Panama should have to prove in due course when the Global Forum reviews its case more closely in a few years.
The country is obligated to conclude a certain number of agreements, but also to show that it's actually exchanging information according to the spirit and the letter of the negotiated agreements.