A panel of experts, created after the Panama Papers scandal, stated that the Country must establish immediate commitments to the international community and take actions against tax evasion and money laundering.
The committee, initially created by US economics Nobel Laureate Joseph Stiglitz and Swiss anti-corruption expert Mark Pieth, was created in April by the government after the Panama Papers came to light.
The scandal revealed how, from the Panamanian firm Mossack Fonseca, countless of opaque societies were created for personalities from around the world, some of which would have been used to evade taxes or to profit on illegal business.
The publication caused the Prime Minister of Iceland and a Spanish minister’s resignations. In addition, former British Prime Minister David Cameron, Argentine President Mauricio Macri, Argentine football player Lionel Messi and Spanish filmmaker Pedro Almodóvar, among others, were linked to the case.
According to the committee, Panama, which is sometimes accused of being a tax haven, cannot afford to be on the lists related to the financing of illicit activities or diversion of fiscal flows.
On November 18th, the experts delivered a report to president of Panama Juan Carlos Varela, who stated that the recommendations will be implemented as soon as possible in the country.