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Panama has been chosen as the site for a key global finance event hosted by the Organization for Economic Co-operation and Development (OECD), the international organization focused on fostering cooperation and transparency.

Although details are scare, Panama will host a meeting of the OECD’s joint review group on transparency and exchange of tax information in June, according to a statement released by Panama’s Foreign Ministry. The forum allows the “members to exchange experiences and seek solutions to common difficulties in fiscal matters, increasing cooperation between jurisdictions international standards within a wide range of issues,” according to a statement from the ministry.

The meeting takes on extra significance as Panama moves to integrate with the global financial network and remove its reputation as a tax haven.

The OECD is a widely-respected international organization designed to “promote policies that will improve the economic and social well-being of people around the world,” according to the organization’s Web site. With 35 member countries, the group is “provides a forum in which governments can work together to share experiences and seek solutions to common problems.”

The Global Forum is one of many international events staged by the group. “The Global Forum, established in 2000 by the OECD, develops rules on tax and tax law, while the main objective of the Joint Review Group is to facilitate and guarantee the globalized implementation of standards of transparency and exchange of information for tax purposes,” the Ministry said in its statement.

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