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BNP Paribas in Panama Closing Due to OECD
by Gisela Martinez
Executive Summary - One of the largest French banks is closing its operation in Panama. This is because Panama is listed as a tax haven with the OECD.
What About the Depositors - What do they do? They will undoubtedly be getting letters to close their accounts. Is the bank going to respect the secrecy? The Swiss banks with operations in France were recently pressured to reveal 3000 names of account holders to the French.
Will Other Banks Do the Same in Panama - What if a lot of other international banks also decide to leave Panama? Do they know something we do not know? Is there going to be a black listing of Panama and a cut off of the correspondent banks preventing wires going in and out, or is this just an isolated incident. Stay tuned for more updates.
http://www.panamalaw.org
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