Panama to Create Panel on Transparency

Panamanian President Juan Carlos Varela announced on Wednesday his plans to create an international panel aimed at increasing transparency in the country’s offshore financial industry. The announcement comes as a Panama-based law firm deals with the fallout from a leak of 11.5 million documents purporting to show the company helping high-powered figures secretly dodge taxes. Varela said the panel will share its findings with other nations in an effort to take joint action on promoting more transparency in the legal and financial centers across the world.