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Panama Papers Mystery Solved. Panama Signs US FATCA Agreement
Nothing happens by accident.
Everyone was wondering why the Panama Papers were dumped on the world.
Now we know why.
Panama finally signed the FATCA paperwork so it’s now officially going to comply with FATCA. A person I know in the banking industry in Panama told me this in a phone call. Nothing like a little “persuasion”.
FATCA is the tax reporting and compliance scheme put in place by the U.S. for the rest of the world. It forces banks in countries that have signed up with FATCA to turn over all account and tax compliance information and even to withhold taxes for the IRS, which is now truly a worldwide enterprise. In most countries, the compliance burden is so high that banks have refused to let U.S. citizens get bank accounts.
However, the next step is GATCA, the world wide tax reporting scheme which is expected to go into effect by late 2017 for 50 “early adopter” countries. The goal is of course a world wide taxation scheme and financial inclusion, where every human being on the planet is subject to taxation.
Welcome to the New World Order.
