At the first meeting in June, the committee agreed that the Panamanian government had to publish the report, Stiglitz and Pieth said. Pulling backScrambling to clean up its image, Panama created a seven-member expert committee to recommend reforms on strengthening the transparency of its legal and financial system. Global standards need to be applied to Panama and other tax havens around the world, he said. In their joint statement, the academics congratulated Panama for some of the measures it had carried out. But they warned that global standards on transparency “are rapidly increasing” and if Panama fails to keep pace, it risks “substantial potential damage” to its reputation.

Source: Hindustan Times August 06, 2016 21:22 UTC