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In a move that should help ease concerns about Panama’s monetary policies, Panama has signed on to a multilateral deal to share foreign taxpayer details with other governments.

Panama is one of 105 countries to agree to follow the Convention on Mutual Administrative Assistance in Tax Matters developed by the Organization for Economic Cooperation and Development (OECD). The agreement should go a long way toward eliminating the perception that Panama operates as an offshore tax haven, a controversial issue that was raised again by the release of the Panama Papers, the leaked account information of a Panama law firm.

“Panama’s decision to sign the multilateral convention is a confirmation of its commitment to take the necessary steps to meet international expectations in the fight against tax evasion,” OECD Secretary-General Angel Gurria said in a statement.

Under terms of the new deal, Panama can begin sharing tax information automatically, in addition to on demand, Reuters reports. The agreement should improve transparency around the world and make it more difficult to hide assets, officials said.

“It also sends a clear signal that the international community is united in its efforts to stamp out offshore tax evasion,” Gurria said. We will continue our efforts until there is nowhere left to hide.”

Panama still must make progress to convince the international community of its commitment to transparency, authorities said. But the acceptance of the international community is an important step for local businesses and the real estate industry. While some investors certainly tried to take advantage of Panama’s lax attitude in the past, in the long term Panama’s real estate business will benefit from following accepted international tax practices.

Signing the OECD agreement “combined with very recent legislative changes opening the door for wide-ranging international cooperation, illustrates the good disposition and commitment by Panama to move forward in the area of tax transparency,” Mr Gurría said.

The agreement was signed by Panama’s Ambassador to France María Del Pilar Arosemena de Alemán.