Life for Panama after Mossack Fonseca

1,230Views 4Comments Posted 26/11/2016

 THERE IS life for Panama’s financial sector after the Mossack Fonseca scandal says internationally recognized Swiss criminologist Mark Pieth.

[caption id="attachment_66053" align="alignleft" width="300"]mark-pieth Mark Pieth[/caption]

He was  one of the two international experts who resigned from the committee set up by the government to analyze the system after the
financial crisis following scandal.

Pieth  said the report of the group shows that
that corrections  are being made. Panama is making great efforts to distance itself from the negative events and focusing on on signing international treaties and changing their laws, "said Pieth, who resigned
With American Nobel Laureate economist Joseph Stiglitz, considering that the committee did not comply with the  transparency standards  to which they aspired.

"The biggest challenge now is to apply these new rules," said Pieth

Pieth also said that Panama must change its business model. "Reinvent yourself. Just as Switzerland dud  with its financial system after abolishing banking secrecy.

Panama could survive survive  strict regulation. After all, it has other sources of income, such as the Canal and tourism.
In addition, a robust financial center would be a luxury for the region, "he said.
The criminology professor also indicated that overcoming the dirty economy does not lie solely on the shoulders of Panama, reports La Prensa

"Hidden fortunes are generated around the world: London, New York, Geneva. all have contributed, "he said.