Panama Papers: Committe to clean up Panamanian financial system

Published: Saturday 30th April 2016 by The News Editor

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Panama’s government has set up a committee of independent experts to make recommendations on cleaning up the country’s financial system.

The move comes after documents leaked from the Panamanian law firm Mossack Fonseca caused an international uproar over offshore accounts.

President Juan Carlos Varela called for the review after the “Panama Papers” leak suggested rich foreigners were using the accounts to hide their wealth.

The advisory group includes Nobel economics laureate Joseph Stiglitz, former Panamanian president Nicolas Ardito Barletta and former Panama Canal administrator Alberto Aleman Zubieta. The group will present recommendations to Mr Varela in six months.

Speaking at the committee’s inauguration, Mr Varela said his administration is committed to “bullet-proofing” Panama’s financial services sector against threats from people and groups who want to use it for illegal activities.

Published: Saturday 30th April 2016 by The News Editor

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