Panama vows action to boost financial transparency

April 7, 2016 7:29 AM

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President Juan Carlos Varela vowed late Wednesday to take swift action to improve financial transparency in the Central American country following leaks that showed Panama-based law firm Mossack Fonseca helped some clients avoid taxes and international sanctions.

In a nationally televised address, Varela said his government was examining ways to restore confidence in Panama's financial industry amid revelations that the law company may have helped wealthy and powerful people commit financial crimes.

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