The European Union (EU) updates its list of non-cooperative jurisdictions twice yearly as part of its ongoing efforts to combat tax evasion and increase financial transparency. Panamá is currently on this list. However, there is potential for Panamá to be removed from the EU’s tax blacklist in October. This possible removal indicates progress in Panamá’s cooperation with EU standards regarding tax information exchange and transparency. The EU utilizes this list to pressure countries into improving their tax practices and preventing tax avoidance strategies. A decision regarding Panamá’s status will be made following a review process scheduled for October. The EU’s actions reflect a global push for greater financial accountability and an end to illicit financial flows.