Government vows to boost transparency after panama leaks
April 7, Panama City: 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, reports said.
President Juan Carlos Varela said in a televised address on Wednesday 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,".
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.
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 and Chinese President Xi Jinping, as well as Ukraine's president, Al Jazeera reported.
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, Reuters news agency reported.
The Oslo Times