Panama Threatens French If Included in The Blacklist - Panama Papers Leak

MASSAPEDIA NEWS - Panama has threatened to retaliate if the French ahead with plans to enter the Central American country's return to the black list of uncooperative tax jurisdictions. This threat posed Panama amid leaking millions of documents from a law firm in the country to uncover the hidden wealth of the country's leaders, politicians and celebrities.

AFP reported, Chief of Staff of the President of Panama Juan Carlos Varela, Alvaro Aleman said in a press conference that the government of Panama will undertake a number of steps equal to France or any other country to categorize Panama in the black list.

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A number of steps intended Aleman of them blocking foreign investment or holding various public tender.

"In Panama, there is a law that sets a number of measures of retaliation against countries that enter Panama in the 'gray list'," Aleman said on Tuesday (4/4).

"In the case of France, or other countries that enter Panama on the gray list, the national government will analyze the situation and undertake a number of measures, which of course could include retaliatory steps," Aleman said, quoted by Reuters.

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The Government of Panama and a number of major financial services sector in the country amid panic leaking millions of documents from the law firm Mossack Fonseca, which regulates the establishment of offshore companies world leaders.

Although it is not against the law to use a foreign company or invest, but the appearance of this document implies pengemplangan mode taxes and money laundering.

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The government of Panama to worry leaked this document can destroy the government's hard work over the years to eliminate Panama's image as a haven for money laundering and tax fraud.

"We will not allow Panama was used as a scapegoat by a third party," Aleman said, adding that every country (involved) in the alleged money laundering partly responsible.

Aleman said that Panama President has instructed the Foreign Ministry to contact tens of countries involved in this case.

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Aleman declared Panama is ready to cooperate in any investigation related to the leaked document. Aleman stressed until now no company Panama found committing a crime.

Related to the leaked documents, a number of French financial prosecutors opened a preliminary investigation into allegations of massive tax fraud. The law firm Mossack Fonseca based in Panama denied any wrongdoing.

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In February, Panama managed to get out of the "gray list" countries suspected of being a tax-free haven area by implementing a number of reforms that restrict anonymous offshore company.

However, after the leaking of the document published by Consortium of Investigative Journalists, ICIJ, French Finance Minister Michel Sapin on Tuesday told the French parliament that "France has decided to again put Panama in the list of countries that do not cooperate."

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France itself has already removing Panama from the list of State and Regional Cooperative photo (ETNC) in 2012 after the two countries reached a bilateral agreement to combat tax evasion.

Deputy Foreign Minister of Panama, Luis Miguel Hincapie, stating that the French ambassador to Panama will be called on Wednesday (6/4) to explain the French plan.

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Minister of Foreign Affairs of Panama Isabel De Saint Malo will also talk with the Foreign Minister of France, Jean-Marc Ayrault.

"Panama should firmly reject any inclusion of Panama in the list and we will determine the pace if it happens," said Hincapie warned.