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.
Prime Minister David Cameron has distanced himself from his family's tax haven money - saying he has "no shares", "no offshore trusts" and "no offshore funds" - following the Panama tax haven leaks.
Speaking during a Q&A with workers at accountancy firm PWC in Birmingham, Mr Cameron addressed only his own financial matters and defended his record on the issue in office.
"No government and no prime minister has done more to make sure we crack down on tax evasion, on aggressive tax avoidance both here in the UK and internationally," he said.
Mr Cameron declined to say if his family had benefited in the past or were likely to in the future from the offshore arrangements highlighted in the Panama Papers.
Labour leader Jeremy Corbyn earlier called for an independent investigation into the tax affairs of all Britons linked to the Panama papers, including Mr Cameron's family.
Mr Cameron, though, appeared to suggest it was a matter only for tax and revenue officials.
"HMRC need to use all the information that is coming out of Panama to make sure individuals and companies pay their taxes properly," he said.
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.