France will put Panama back on its blacklist of uncooperative tax jurisdictions, its finance minister said on after media revelations about a Panamanian law firm specialised in setting up offshore firms.

"Panama is a country that wanted to make us believe that they were able to respect broad international principles. They wanted to make us believe it. Thus they managed to have themselves removed from the tax haven blacklist," Michel Sapin told lawmakers during question time in parliament.

"France has decided to put Panama back on the list of non-cooperative countries with all the consequences that might have on those who have dealings with Panama," he added.

Panama is a far bigger financial centre than the other jurisdictions on France's tax haven list, which currently includes Botswana, Brunei, Guatemala, Nauru, Niue and the Marshall Islands.

Panama has come under fire from the Paris-based Organisation for Economic Cooperation and Development for back-tracking on a commitment to automatically share tax information with other countries.