Panama's president promises a review of the country's financial practices in the light of the 'Panama Papers' leak. Paul Chapman reports.
Panama's president used this address to the national to promise a review of financial practices after the leak of millions of embarrassing documents. The Panama Papers scandal's left many rich and powerful figures including a clutch of world leaders with red faces and some explaining to do over hidden bank accounts. Panama's pledging to launch an independent commission of domestic and international experts to address an alleged lack of financial transparency. The leak of more than 11.5 million documents from Panamanian law firm Mossack Fonseca have triggered a flurry of investigations worldwide into possible wrongdoing. Maggie Murphy of campaign group Transparency International says tough action is needed. (SOUNDBITE)(English) MAGGIE MURPHY, TRANSPARENCY INTERNATIONAL ANTI-CORRUPTION ADVOCATE, SAYING: "We need to go straight to the core of the people who have been found complicit in corruption, in money laundering, and go straight ahead with prosecutions and sanctions. The second thing we need to do is narrow down that grey area so that the lawyers, the accountants, the people who are trying to do their job don't have to do guess work." Iceland's president became the first casualty of the scandal although protests have continued despite his resignation. The papers exposed an offshore company held by his wife with 4.1 million dollars of claims on Iceland's collapsed banks. The leaders of several other countries have also been implicated in the leaked documents. So too have people from the world of sports, among them FIFA's President Gianni Infantino who's issued a statement denying links with firms identified in the papers.