INSUBCONTINENT EXCLUSIVE:
Panama is prepared to help India carry forward its probe in the 2016 Panama Papers leakage case which featured the names of a number of
Indian celebrities and service tycoons
In an exclusive interview to ToI, Panama foreign minister Janaina Tewaney said Panama is prepared to exchange info with India and to brief
Indian authorities about the progress it has actually made to ensure transparency in its monetary system.The minister, while applauding
Indias fight versus black cash, stated she had actually conveyed the same to her counterpart S Jaishankar in a meeting earlier today
This is the first public assurance of support by a high-level political authority in Panama for Indian investigations which, according to
the federal government, detected undisclosed credits amounting to Rs 20,353 crore in the Panama and Paradise Papers leak.Tewaney, who has
Indian roots, is in India to take part in the Pravasi Bhartiya Divas as an unique invitee
She also represented her country in the Voice of the Global South summit hosted by India
For us, exchanging info belongs of our truth now
We are making efforts to meet transparency requirements that even developed nations are not doing
We are prepared to exchange information and, as I communicated to minister Jaishankar, we are also willing to notify the Indian government
about our efforts to ensure transparency, said Tewaney.The minister said that while Panama is currently cooperating with other nations at
the technical level , its essential also for her to brief her equivalents at the political level about such efforts by her nation, which
stay on worldwide cash laundering watchdog FATFs Increased Monitoring list.The FATF wants Panama to, to name a few things, develop reliable
systems to keep track of the activities of offshore entities and demonstrate capability to examine and prosecute cash laundering involving
foreign tax criminal activities
It has actually likewise threatened to call upon member-states to apply enhanced due diligence to business relations and transactions with
Panama if the main American country doesnt implement its action strategy by February 2023
Tewaney, nevertheless, expressed hope the worldwide community will understand that Panama in the FATF list is not hassle-free for anybody
The way in which Panama was targeted after the documents leak, she said, was also exceptionally unreasonable
Today, I can proudly state there are no confidential societies in Panama
Its doing more for openness than some of the countries pointing fingers at Panama
Panamas legal and financial system even previously was not against global law
It was duplicated by other countries, including some in the developed world
We comprehend times have actually changed, said Tewaney
Even in the Panama Papers, we had the least number of secret societies
However insufficient due diligence was done and it created an image issue for us, she added.After the 2016 Leak, India had actually formed
a multi-agency group consisting of officers from CBDT, Enforcement Directorate, FIU and Reserve Bank of India to penetrate the accounts
connected to Indian nationals
The federal government notified Parliament in December 2021 that - as on October 1, 2021 - overall concealed credits amounting to Rs 20,353
crore have actually been found with regard to 930 India-linked entities in the Panama and Paradise paper leaks
In its first action to the Panama Papers in 2016, the finance ministry had expressed concern some countries worldwide were being utilized as
tax havens and due to the fact that of which all other nations of the world suffered loss of tax
The federal government will take all required actions as needed to get maximum info from all sources, consisting of from foreign federal
governments, for the investigation procedure, it had actually said in a statement.
