Panama Papers showed vulnerability of whole system: Panama president

Panama's President Juan Carlos Varela delivers keynote address at a luncheon during the Washington Conference on the Americas at the State Department on May 3, 2016 in Washington, DCThe scandal triggered by the Panama Papers leak of information on how and where the world’s wealthy stash funds to avoid detection or taxes underscored many countries’ vulnerabilities, President Juan Carlos Varela said Tuesday. To that end, countries need to improve transparency and information sharing, Varela argued. Panama and the United States last week signed an agreement on sharing of back account information in a step Panama’s finance minister hailed as proof of his country’s cooperation in fighting tax evasion.

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