Mr. Speaker, I thank the hon. member for his question and I am glad to note that he did not make the mistake that some other members have made in this House when they referred to old data that Panama was on the OECD's watch list. In fact, Panama has made enough agreements with enough countries that it has been pulled off the black list or grey list, and now that situation has changed.
With respect to dealing with the United States, I would remind the hon. member, and I am not familiar with all the details, that Canada right now is having a little problem with the overreaching elements of the American Internal Revenue Service with its demand for financial institution on Canadians and Canadian institutions that have dealings with Americans or are American born. We all have constituents who were born slightly south of the line who are now being hassled or have the fear of being hassled. Therefore, I would not necessarily share that concern, because the United States can be extraordinarily aggressive in reaching out to the world.
The final point I would make to the hon. member is the fact that Canadian financial institutions, which are deeply tied into Canada on an economic basis, are going to be expanding there, and I mentioned Scotiabank in my speech. I think they would provide some reassurance that the standard business practices in Panama going forward would be increasingly aligned with countries like Canada. Scotiabank has a vested interest there to make sure their reputation is spotless in actions, words and deeds.