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Should Europe Increase Control on Panama Tax Havens?

By: Max Radwin - Apr 15, 2016, 5:14 pm
Panama City is now the center of the tax haven world (wikimedia)
After the Panama Papers investigation, the Central American country became the focus of the tax haven world. (Wikimedia)

Chief Editor Daniel Raisbeck of The PanAm Post joined the BBC World Service to discuss the Panama Papers leak, and the recent decision by five European countries to blacklist tax havens.

Raisbeck discussed whether the European Union’s attempt to increase control over tax havens is a step in the right direction.

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He argued that it is hypocritical to move against a country like Panama when other European countries — such as The Netherlands with Aruba or Denmark with Greenland — seek similar economic freedom without investigation.

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Raisbeck also questioned the assumption that everything Panama is doing is illegal and is in need of fixing.

“Not everything that goes on in Panama with offshore companies is illegal,” he said. “It’s certainly illegal if you have Putin’s cronies stealing money in Russia and funneling it off to a tax haven. But most … of the activity is legal. And most of what happens is legal and there are perfectly valid reasons for people to use a country like Panama and it’s financial services.”

Source: BBC World Service

Max Radwin Max Radwin

Max is an editor with PanAm Post. He graduated from the University of Michigan in 2015 with a Major in English Literature and a minor in Spanish Language. He has written for Newsday, Al Jazeera and The Miami Herald, among others.