Panama FTA
Would Undermine U.S. Efforts to Stop
OffshoreTax-Haven
US President Obama’s ability to deliver on
his campaign commitments to close tax
loopholes that promote offshoring and
re-regulate the financial sector would be
dealt a sharp blow if the U.S.-Panama Free
Trade Agreement (FTA) is passed, according
to a Public Citizen report released today.
The new report details how Panama explicitly
created an industrial policy designed to
create a “comparative advantage” in
tax-evasion and money-laundering services
for entities such as the bailed-out American
International Group (AIG) and Mexican and
Colombian drug traffickers.
The report also examines how specific FTA
rules would remove key policy tools – such
as limitations on transfers from tax-haven
countries that are used to combat financial
crimes – and would also conflict with U.S.
government efforts to combat the global
economic crisis by re-regulating finance.
2002 - 2009
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