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.
David Cameron faces a "tricky" situation after the Panama Papers leak raised questions about his late father's tax affairs, according to ITV News Political Editor Robert Peston.
He also told News at Ten that any move by governments to impose more fines on banks for their involvement in the scandal could mean "a lot of this business would disappear overnight".
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.