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Panama signed on October 27, 2016 its adhesion to the Convention on Mutual Administrative Assistance in Tax Matters (MAC). This instrument provides for all forms of administrative cooperation between States in the assessment and collection of taxes.

Privacy advocates are drawn to the remaining offshore financial services centres which still offer confidentiality. Those pockets of privacy are a magnet to them, just as Europeans in winter travel in search of tropical sunshine and some find it in Florida. Miami, besides its weather, has many financial services companies some of which are servicing the needs of those who have been victims of economic disruptions in Latin America.