This movie is a remake of The Return of the Pink Panther
Its a pretty good film but for the most part it is a remake of The Return of the Pink Panther starring Peter Sellers, made in 1974 (I think)
SPOILERS
Firstly we have the premise of the a master thief (The Tornado in this film, The Phantom in the older one) returning from retirement and stealing valuable artifacts including the Pink Panther. Because of his success in recovering the Pink Panther the last time round, Closseau is asked to be put in charge of the investigation. Of course, it turns out that the real theif is actually a woman close to the master criminal (his ex-lover in this film and his wife in the older film) and in both cases Closseau was briefly romantically involved with the villain.
In a further coincidence, in both films, Dreyfus initially forces Closseau to perform mundane police work (eg. checking parking meters) until he is asked to assign Closseau to the big case.
The only difference in the films of course is the Dream Team in the new film and the romantic subplot involving Closseau, Nicole and the Italian guy.