The Ministry of Foreign Affairs of Panama announced that the Republic of Paraguay has removed Panamá from its list of countries and regimes of low or no taxation.

The Panamanian Foreign Ministry commented "According to the decree issued by Paraguayan authorities, we are being recognized for our efforts and commitment with regard to the transparency of our financial, business and trade systems, and our removal from the FATF "Gray List".

The Vice President and Minister of Foreign Affairs, Isabel de Saint Malo de Alvarado, said that she is sure that this will promote an increase in the economic and commercial relations between the two countries.

The Minister of Foreign Affairs went on to say "Panama reiterates its commitment with the continuous modernization and updating of our financial services platform―this is done through the strengthening of legislation and collaboration with the international financial community to achieve the optimal economic development and maintain the defense of our international prestige".

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