Experts urge Panama reforms after 'Panama Papers'

PANAMA CITY: Panama needs to immediately boost transparency and regulation of its financial sector to shake off its reputation -- deepened by the "Panama Papers" scandal -- of being a hub for tax evasion, a report released Monday said.

"Decisions, investment, legislation and a high degree of commitment by the authorities and regulatory bodies of Panama" are needed to keep Panama off lists that would punish it as a designated tax or money-laundering haven, the report by the government-appointed international Committee of Independent Experts said.