Panama haas gone off the deep end, in its attempt to evade international accountability for the rampant money laundering which pervades its banking system. In what appears to be a desperate move to compel the EU to remove the tax haven designation it has placed upon the Republic of Panama, The country's Deputy Foreign Minister has threatened to retaliate against the individual countries that are members of the European Union.
The deputy, Luis Miguel Hincapié, has arrogantly, and incorrectly, invoked Public Law no. 58, of December 12, 2002*(, which establishes retaliation in cases of foreign discriminatory restrictions. Panama is, in essence, asserting that the EU is discriminating against it by declaring the country a non-cooperative tax haven. This is an arbitrary, and improper, application of the law, purely for political purposes, and Panama will lose what little credibility its government still has, should it actually levy a monetary penalty, which the law calls, for, upon countries of the EU.
Does the term "Banana Republic " come to mind here, or an I the only one who sees this action as a joke ?