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Tuesday, February 18, 2020

Panama Papers: Govt set up independent committee to recommend financial system cleanup

President Juan Carlos Varela called for the review after the "Panama Papers" leak involving the Mossack Fonseca law firm suggested rich foreigners were using the accounts to hide their wealth.

By: AP | Panama City | Updated: April 30, 2016 9:32:06 am
panama papers, panama leaks, mossack fonseca, panama govt review committee, panama govt probe, panama papers probe, mossack fonseca panama probe, Juan Carlos Varela, panama news, world news, latest news Panama’s President Juan Carlos Varela (right) poses for a photo with Nobel economics laureate Joseph Stiglitz (center) and Mark Pieth, a professor of criminal law and criminology at the University of Basel, in Panama City, Friday, April 29, 2016. The government of Panama has established a committee of independent experts to make recommendations on cleaning up the country’s financial system. (Source: AP)

Panama’s government established a committee of independent experts Friday to make recommendations on cleaning up the country’s financial system, after leaks of documents from a Panamanian law firm caused an international uproar over offshore accounts.

President Juan Carlos Varela called for the review after the “Panama Papers” leak involving the Mossack Fonseca law firm 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 is to present recommendations to Varela in six months.

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

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