'Panama Papers' leak showed vulnerability of system: President Juan Carlos Varela
'Panama Papers' leak showed vulnerability of system: President Juan Carlos Varela The 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 has said. Speaking at the State Department in Washington yesterday, the Panamanian president said the documents "reveal a worldwide problem, that involves many countries with legal and financial institutions" vulnerable to actions "that are not in the public interest." To that end, countries need to improve transparency and information sharing, Varela argued. "We urge the international community to maintain a respectful dialogue through diplomatic channels," he added. Panama and the United States last week signed an agreement on sharing of bank account information in a step Panama's finance minister hailed as proof of his country's ...