Mr. Speaker, previously Panama was on the grey list of the OECD, but as of July 6, 2011, it has concluded the required number of 12 double taxation agreements, and the OECD has formally placed Panama on the list of jurisdictions that have substantially implemented the international standards for exchange of tax information, commonly known as the white list.
Is there more to be done? Yes, but we will work with Panama to see that happens.