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Rebelling Against Compliance; Panama Speaks Out Against the OECD

Article Summary:

A question of competence? For some Panama lawyers, the ultimate goal of the Organization for Economic Cooperation and Development (OECD) is to defend the interests of their own financial centers and limit the development of the centers that may affect their markets. Critics say that small territories with international financial centers should partner to defend their common interests against attacks by the OECD.

Photo Credit: Prensa

Original Article Text From Prensa via Google Translate:

OECD and The Rebellion of Small Countries

The small territories with international financial centers should partner to defend their common interests against attacks by the Organization for Economic Cooperation and Development (OECD). This is one of the premises espoused by several of the experts who participated last week in the second Step Latam Conference held in Panama.

Among the most militant advocates of this theory is the Panamanian lawyer Adolfo Linares. “Panama should take a leadership role in the Latin American region to promote coordination in the common defense of countries that are in the same situation as us.”

One of the criticisms that makes the so-called club of rich countries is considered tax havens when they reach a certain level of compliance with the measures proposed, new requirements arise. “Every time you reach a goal Panama, they put two goals above. In the end, what you want is to dismantle OECD financial centers that are the responsibility of their own centers, “said the former chairman of the Chamber of Commerce, Industries and Agriculture of Panama.

One of the actions that could promote small group of territories is removed from the OECD’s discussion of financial centers. “The OECD is a sign look for its own interests. Should bring the issue to the World Trade Organization or the United Nations,” said Linares.

So far, the financial centers of small countries have focused on different levels comply with compliance requirements of the OECD.

Despite the high competition between financial centers, the Minister for Financial Services Government Bahamas, Ryan Pinder, looks likely to defend common interests. “We are all competitors, but from a political point of view is a good idea that governments define the objective they want. Could argue that we really jurisdictions that facilitate the development and trade. We are jurisdictions that help the world economy, not damaging the economy. ”

That alleged damage to the global economy is considered a stigma imposed from rich countries, especially since the outbreak of the global crisis.

Most small territories began to negotiate and sign treaties on tax information exchange, which has earned countries like Panama to exit lists of tax havens. In this way we have tried to change it to Pinder is “a matter of image.” So much so that according to Jason Sharman, a political scientist at Australia’s Griffith University, said, according to The Economist, that “in practice, OECD countries have more lax regulations on vehicle corporations than classic tax havens. And America is worse than Liechtenstein and Somalia. ”

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From Prensa

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