Panama can remain a competitive financial center while cracking down on tax evaders and other criminals who have used the country to launder money, according to the panel formed by the government after the “Panama Papers” scandal broke in April.
The five-member “Committee of Independent Experts”, including a former boss of the Panama Canal, said the country needs to get in line with United Nations transparency standards, adopt tougher anti-corruption legislation and tighten regulation of trusts.
“The moment has come. The country can no longer postpone decision-making in this field,” said the 23-page report released on Monday.
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