Panama To Review Its Financial Practice In The Wake Of Panama Paper Scandal

Panamanian government is to create an independent commission to review the country’s financial practices in the wake of the panama papers scandal.

President Juan Carlos Varela said in a brief televised statement that the commission will contain “domestic and international experts” to evaluate the country’s current practices and propose measures to strengthen transparency of financial and legal systems.

Meanwhile, France has added panama to its “grey list” of world tax havens and is pushing for the international organization for economic cooperation and development to do the same.

The Panamanian law firm implicated in the scandal, Mossack Fonseca, says the 11.5 million documents leaked from its offices this week about the offshore bank accounts of the world’s powerful, rich and famous were stolen by hackers, not divulged by an insider.

Iceland prime minister, Sigmundur David Gunnlaugsson became the first casualty of the leaks, stepping down after the documents showed that his wife, Anna Palsdottir, owns a company in the British Virgin Islands that has $4 million in claims against Iceland’s collapsed banks, debts that he is helping the government settle

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