An agreement between Panama and the United States to introduce the exchange of tax information (Fatca) became law on Monday, October 24.

While the law  went into effect Monday , the exchange of tax  information will begin in 2017.

The law, which appeared in the Government Gazette, was signed by National Assembly President Rubén De León, President Juan Carlos Varlea and Vice President Isabel De Saint Malo de Alvarado.

The US passed the Fatca law in 2010.

It requires financial institutions around the world to supply information about accounts linked to Americans.