Question to the HM Treasury:

To ask Her Majesty's Government what efforts they are making to secure substantial amendments to Panama's Corporation Law 32 following the publication of Overcoming the Shadow Economy by the Freidrich Ebert Stiftung in November 2016, and other analyses of the Panama Papers and of opaque offshore financial transactions.

Tackling the shadow economy and improving international tax transparency is a priority for this Government. We work with a range of international partners to tackle illicit financial flows, and have worked closely with Panama’s government to amend and implement key legislation before and after the so-called “Panama Papers”.

Rather than focus specifically on amending Corporation Law 32, this Government continues to work with Panama on the implementation of new laws, which help it improve regulation of the sector.

As part of President Varela’s visit to the UK in May 2018, the Prime Minister, Chancellor and others discussed the importance of passing and enforcing relevant legislation.