Panama says will adopt international tax reporting standards by 2018: media

By Minami Funakoshi TOKYO (Reuters) - Panama will adopt international tax reporting standards and participate in the automatic exchange of tax information by 2018, President Juan Carlos Varela told Japanese media on Tuesday, as his country came under a harsh spotlight in the wake of revelations arising from the "Panama Papers" controversy. "To prevent the illegal use of Panama's financial systems, we would like to cooperate with other countries to improve transparency," Valera told broadcaster NHK on Tuesday, during a visit to Tokyo. Members of the Organization for Economic Cooperation and Development, which helped establish the information-exchange scheme, will visit Panama as early as this week to negotiate specific methods for sharing information, Varela told the Nikkei newspaper.

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