Panama's government is creating an international committee of experts to recommend ways to boost transparency in the Central American country's offshore financial industry.
President Juan Carlos Varela is trying to shore up confidence in his nation's financial sector after the leaking of 11.5 million documents from a prominent Panama-based law firm which helped create shell companies for the world's rich and famous.
British MPs are among scores of politicians worldwide holding offshore assets, a massive leak of confidential data reveals.
The leak of more than 11 million documents a law firm in Panama shows how the rich and powerful can use tax havens to shield their wealth.
Oxfam has called on the UK - which is hosting an international anti-corruption summit next month - to take a lead in "cleaning up" the tax system.
The financial watchdog ordered banks and businesses to check whether they have links to a law firm at the centre of the Panama Papers leak.
In a letter to the European Council President in 2013 Mr Cameron argued offshore trusts should not be subject to new transparency proposals.
The nature of the tax avoidance carried out by Blairmore Holdings may have been misunderstood.