Panama still has a reputation worldwide for being a tax haven but has agreed to enhanced transparency, especially since the release in 2016 of the Panama Papers. Significant progress has been made to improve full compliance with anti-money laundering recommendations. Panama was removed from the FATF gray list in February 2016. The European Union also removed Panama from its tax haven blacklist in 2018. However efforts remain to be made, and the IMF repeatedly mentions the need to strengthen financial transparency and fiscal structure.