Panama's Minister of Finance, at a recent conference in Panama City, stated that total new incorporations in Panama in 2016, by the end of year will show a twenty per cent decline from 2015. Most observers attribute this to the reluctance of foreign clients to form new corporations and foundations, in the light of the negative press generated as the result of the publication of the Panama Papers, the records of the law firm of Mossack & Fonseca.
The minister stated that she believed the reason for the diminution in new corporations to be Panama's new "transparency," though she made that claim at an offshore financial services conference, in Panama City, where the countries, and vendors of tax haven services, were advertising just the opposite.
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