Panama government commissioned a new panel which comprises of international committee of experts to evaluate practice and 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.
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.
President Juan Carlos Varela said in a televised address that, “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”.
In his brief statement, Varela reiterated that Panama would work with other countries in an effort to boost transparency after the leak, which was published in an investigation by the US-based International Consortium of Investigative Journalists and various news organisations.
The papers have revealed financial arrangements of prominent figures, including friends of Russian President Vladimir Putin, relatives of the prime ministers of Britain and Pakistan, President of Iceland was forced to resign over the leak and Chinese President Xi Jinping, as well as Ukraine’s president.
Reuters news agency reported that, Panama is still considering who will be in the commission, and Gian Castillero, a senior government adviser said that, he expected it to report within six months.