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PANAMA CITY, Panama, April 7 (UPI) -- Panama said it will create an international panel of experts to help increase transparency of its offshore financial industry after the release of the Panama Papers. The Central American country is scrambling to institute reforms after one of its law firms, Mossack Fonseca became embroiled in the scandal.
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On Sunday, German newspaper Süddeutsche Zeitung, with help from the International Consortium of Investigative Journalists, published information from the law firm featuring lists of people who kept money or had financial interests offshore. The 11.5 million documents were released over the weekend and included data on about 214,000 offshore established entities, including the holdings of about 140 public officials across the globe.
Panamanian President Juan Carlos Varela said his country will cooperate with other countries following the revelations.
"The Panamanian government, via our foreign ministry, will create an independent commission of domestic and international experts," Varela said in a televised address, adding that the panel would examine working practices and propose measures to improve transparency of the country's financial and legal structures.
Mossack Fonseca has insisted the data leak was not caused by someone within the law firm, but has filed a complaint to Panamanian attorney general's office alleging it is a victim of a hack by foreign sources.
"To the Panamanian people: We will continue working together to strengthen our country and defend the higher interests of the nation," Varela said in a statement.
On Tuesday, the Panama Papers scandal claimed its first victim -- Icelandic Prime Minister Sigmundur Davio Gunnlaugsson resigned his post. The leaked documents revealed Gunnlaugsson was secretly the owner of an offshore company, Wintris.
