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US, Panama sign agreement for exchanging bank accounts details

The United States (US) and Panama have signed an agreement for exchange of bank accounts details. With this agreement America will be able to oversee and investigate their citizen’s foreign accounts in Panama. The agreement will also help to stop tax evasion.

The agreement was signed by Panama’s finance minister and the US  ambassador    in Panama City, capital of Panama.

The Panama’s foreign minister said that it is proof that his country is taking part in fight against tax evasion.

The both the countries already have separate agreement which is also applicable regarding exchange of tax details.

The bilateral agreement between the duo have taken place after publication of offshore companies in the world by the Panama papers.