Panama To Create Panel To Review Offshore Finance Practices

Panama's president has moved to create a commission to review the country's financial practices following leaks of a Panamanian law firm's documents that embarrassed an array of world leaders.

"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," President Juan Carlos Varela said on April 6.

"We are a serious country, respectful of international law and cooperative with the efforts of the international community to seek solutions to this global problem."

Panama was severely criticized by the Organization for Economic Co-operation and Development (OSCE) following the leaks of 11.5 million documents from the Mossack Fonseca law firm, which specializes in making offshore arrangements for the world's rich and famous.

"Panama is the last major holdout that continues to allow funds to be hidden offshore from tax and law enforcement authorities," OECD Secretary General Angel Gurria said on April 5.

Based on reporting by Reuters, AP, and dpa