REPORT ON PANAMANIAN BANK SECRECY LAWS.

SEC. 104. REPORT ON PANAMANIAN BANK SECRECY LAWS. (a) Congressional Concerns.— The Congress commends the Endara Government for its cooperation and assistance in freezing Panamanian bank accounts believed to be implicated in narcotics-related and other illegal financial transactions. The Congress remains concerned, however, that the current status of bank secrecy104 STAT. 10 laws in Panama may lend itself to continued criminal abuse of those laws despite the best intentions of the Endara Government. (b) Report.— Therefore, no later than April 15, 1990, the President shall submit a detailed report to the Speaker of the House of Representatives and the Chairman of the Committee on Foreign Relations of the Senate on specific actions being undertaken by the Government of Panama to modify the existing bank secrecy regime in order to facilitate detection and prosecution of criminal activities, including— (1) the modification of bank secrecy laws by the Government of Panama; (2) the conclusion of an exchange-of-information agreement between the United States and Panama; and (3) agreements entered into by the Government of Panama or in the process of negotiation that are designed to deter illegal financial transactions and to facilitate early detection and prosecution of such illegal activities.