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Weekly Report - 12 May 2016 (WR-16-18)

PANAMA: A further knock to Panama’s image

President Juan Carlos Varela last week travelled to the US. His visit was intended to shore up confidence in his government’s efforts vis-à-vis transparency following the ‘Panama Papers’ – the biggest leak of secret information in history [WR-16-13] exposing the internal operations of a Panama-headquartered law firm dedicated to the incorporation of offshore entities. However these assurances were overshadowed by the US government’s decision announced on the final day of his visit to blacklist one of Panama’s most important business groupings.

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