No. There are a lot of reasons to invest and establish a financial business in Panama. There is infrastructure, officials and employees who are well educated and well trained in all aspects of a global financial business. That's the first thing. In addition, Panama is a good transport nexus. It's easier to travel there and the communications infrastructure there is superior.
There are a lot of reasons to set up an investment company in Panama. A country would definitely want to enhance these competitive advantages by legislation.
Countries have different tax regimes--we've seen this globally--including countries with which Canada has already signed tax free trade agreements and where these questions did not emerge.
Allow me to answer your question on
the tax evasion issue. It's interesting. We've looked at current Canadian revenue operations. And we have found that CRA has how many operations in effect against Panama?