Panama Papers: Government vows to boost transparency

Panama’s government is creating an international committee of experts to recommend ways to boost transparency in the Central American country’s offshore financial industry, after the leak of information from a local law firm that has embarrassed a clutch of world leaders. “The Panamanian government, via our foreign ministry, will create an independent commission of domestic […]

Panama’s government is creating an international committee of experts to recommend ways to boost transparency in the Central American country’s offshore financial industry, after the leak of information from a local law firm that has embarrassed a clutch of world leaders.
“The Panamanian government, via our foreign ministry, will create an independent commission of domestic and international experts … to evaluate our current practices and propose the adoption of measures that we will share with other countries of the world to strengthen the transparency of the financial and legal systems,” President Juan Carlos Varela said in a televised address on Wednesday.
Governments across the world have begun investigating possible financial wrongdoing by the rich and powerful after the leak of more than 11.5 million documents, dubbed the Panama Papers, from the Panamanian law firm Mossack Fonseca.