Common sense dictates that the Common Reporting Standard (CRS) cannot apply to Panama given that the Anonymous Panama corporations do not have to file Tax Returns for income generated outside Panama. When it comes to Panama the Automatic Exchange of Bank Account Information is simply not enforceable.
In spite of the international propaganda instigated by “Panama Papers”, Panama’s Bank Secrecy and Privacy Laws remain in effect. It is still a criminal offense for bank employees to give any information about clients’ accounts without having court orders.
Because of Panama’s Bank Secrecy and Privacy Laws, some people believe that opening a personal bank account in Panama will be enough to keep their assets secure and private.