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.
Panama's president has said his government will establish an independent panel of experts to review the country's financial practices, in the wake of the Panama Paper leaks.
Juan Carlos Varela's comments come amid the fallout from the leaked emails of Panama-based law firm Mossack Fonseca that have exposed tax avoidance measures by wealthy individuals and embarrassed a number of world leaders.
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.