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Panama Fears It Could Be Hit By New 'Pandora Papers' Leak

Panama fears that it’s going to once more be the epicenter of a brand new international tax havens scandal. (Representational)

Panama Metropolis:

Panama fears the publication Sunday of a brand new expose about monetary secrecy in international tax havens might once more taint its repute, which was severely broken by the “Panama Papers” scandal, in line with a authorities letter launched by native media.

“The harm may very well be insurmountable,” the Panamanian authorities stated within the letter, despatched by way of a regulation agency to the Worldwide Consortium of Investigative Journalists (ICIJ).

The letter warns that “any publication” reinforcing “a false notion” of the nation as a doable tax haven “could have devastating penalties for Panama and its folks.”

The ICIJ tweeted that it could launch Sunday 1630 GMT its “most expansive expose of economic secrecy but,” based mostly on the leak of 11.9 million paperwork “protecting each nook of the globe.”

The “Pandora Papers” investigation is the results of work by greater than 600 reporters in 117 nations, the ICIJ stated.

The letter from the Panamanian authorities additionally references a number of the reforms that the Central American nation has made lately, though it stays on the EU record of tax havens.

It additionally signifies that since 2016 the registration of greater than 395,000 corporations and foundations has been suspended, round half of these current at the moment.

The federal government fears that Panama will once more be the epicenter of a brand new international tax havens scandal just like the one which adopted the ICIJ’s disclosure of the “Panama Papers” in 2016.

That huge information leak uncovered widespread tax avoidance and evasion utilizing complicated constructions of offshore shell corporations and prompted a world outcry.

The leak, linked to the Panamanian regulation agency Mossack Fonseca, broken Panama’s worldwide picture, although a lot of the corporations concerned have been abroad.

The investigation revealed the concealment of properties, corporations, property, income and tax evasion by heads of state and authorities, political leaders and personalities from finance, sports activities and the humanities.

Since then, Panama has carried out varied authorized reforms to strengthen banking controls and penalize tax evasion with jail time.

The Panama of 2016 “is nothing just like the Panama of at the moment,” the federal government stated in its letter.

(Apart from the headline, this story has not been edited by The Press Reporter workers and is printed from a syndicated feed.)

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