Major Dominican business group agrees with Panama Papers probe

Santo Domingo.- American Chamber of Commerce (AMCHAMDR) executivevice president William Mallamud on Tuesday said the creation of offshores basedin tax havens with possible links to local companies should be investigated, inthe wake of the massive leaks dubbed the “Panama Papers."

He said however that the scandal shouldn’t "demonize"offshore companies because they are legal mechanisms and financial instruments,“unless they incurred in practices such as tax evasion.”

"Of course, but not use it to demonize any companythat is using a legitimate vehicle, provided they are reporting their incomeand paying taxes," Mallamud said, referring to the investigation launchedby the Justice Ministry.

"That doesn’t mean that all offshore mechanisms arebad; these are legal instruments, it’s like a weapon, which can be legal, theissue is how one is going to use this weapon, and that’s going to beinteresting in these documents," Mallamud said after a ceremony where the BASCinternational alliance certified 28 exporters.