The news on Panama Papers has become one of the hot cakes in the international financial matters. What do you mean by the Panama Papers? It is also known as the Mossack Fonseca Papers which are a set of 11.5 million leaked documents. The leaked documents are full of information about the clients of more than 214,000 offshore companies which are attached to the law firm of Panama, Mossack Fonseca. According to the source the leaked documents contain the detail of the identities of the companies which should be kept confidential. Five state leaders from Argentina, Iceland, Saudi Arabia, Ukraine, and the United Arab Emirates along with other financial groups from 40 different countries have become exposed in the leaked documents.
The new committee for the best recommendation
After the incident, the government of Panama has formed a new committee of independent experts to get the best recommendation regarding the task of cleaning up the financial system of the country. It is to be noted in this regard that after the Panama Papers incident, the Panamanian law firm has made disturbances in the offshore accounts of different countries. The President has called up the expert committee for review after the massive leak. After the incident it has come in front of all about the rich foreigners who were using the accounts to hide their illegal wealth. According to the news the committee has includes Nobel economics laureate Joseph Stiglitz, former Panamanian President Nicolas Ardito Barletta and former Panama Canal administrator Alberto Aleman Zubieta in its advisory group who has to provide the recommendation in next six months. The President has told that the recommendation would be taken into account to make the financial system of the country clean and clear from any further illegal activities.