- Security TWENTY
- Women in Security
The government of Panama should set a date for the release of its official inquiry into financial reforms related to the publication of the Panama Papers, says Transparency International, an anti-corruption campaign group.
TI points out that the government has said the independent committee on financial reform had completed the report. At the same time it announced it will begin to report on fines given to financial institutions for violating anti-money laundering laws in Panama.
José Ugaz, chair of Transparency International, said: “We look forward to knowing when the report will be published. The new anti-money laundering rules are a step in the right direction, but much more needs to be done to show Panama is trying to change its reputation as a way-station for corruption, corrupt people or corrupt money.”
TI says the independent committee was tasked to review Panama’s financial sector in the wake of the publication of the Panama Papers, a cache of millions of leaked documents that showed how a Panamanian law firm was able set up networks of secret companies for global clients that were in some cases used to hide illicit wealth and evade taxes.
Ugaz confirmed on 12 August with Isabel de Saint Malo, Vice President of Panama, that the final report will be made publicly available this year. TI expressed concern about the transparency and independence of the process after the resignations of Nobel prize-winner Joseph Stiglitz and Mark Pieth, two international members of the committee. Transparency International and other civil society groups will meet at the International Anti-Corruption Conference in Panama in December.