‘PanamaLeaks’ puts Panama in a difficult situation

The infamous Panama Papers’ leaks have created a controversy in a number of countries across the world and according to some reports, some of these countries are not reacting well to these leaks.

A senior government official by the name of Gian Castillero, talked to reporters to dispel reports and rumors which are surrounding the country after the leaked documents hit the internet. According to some reports, France responded harshly to the PanamaLeaks by saying that it would put Panama back on its list of ‘uncooperative countries”. When Castillero was asked about this, he dismissed the move and said; “The declarations from France are emotional and political declarations which shouldn´t be repeated.” A reporter also asked Castillero whether other countries will follow France’s lead, to which he did not respond.

Panama said that it will form an independent commission in order to review the country’s financial practices after the leaked documents made the light of the day. Castillero said that he expected the commission to come up with a report within the next six months.

“The Panamanian government, via our foreign ministry, will create an independent commission of domestic and international expert 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 in a televised address.

The leaked Panama Papers’ documents include names of hundreds of prominent politicians, leaders and celebrities from the world over, who have investments in offshore companies. The leaked documents have created a stir in a number of countries and official probes are underway to determine the nature of these offshore investments.

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