Suffering under the aftermath of the “Panama Papers” scandal, the Central American nation is trying to recover greater transparency on the international stage. Although Lisbon would like to shorten its tax haven blacklist, Panama’s departure is far from certain. Pressure from the Panamanian Government extends on several fronts, from the promise of greater information sharing on the one hand to diplomatic retaliation on the other against those who continue to consider it as “non-cooperative”. For the time being, Portugal is adopting a “wait-and-see” strategy.