The International Consortium of Investigative Journalists (ICIJ) will expose this Sunday, October 3, new revelations in the Pandora Papers that involve law firms with offices in 30 jurisdictions, including Panama.

According to The Star, the Pandora Papers arise as a result of a new massive leak of financial files that exposes thousands of secret companies used by the global elite to transfer money to tax havens. "This investigation will show the tax evasion of hundreds of former and current world leaders, businessmen, celebrities, fugitives and judges," the outlet said.

For its part, the Government of Panama hired the law firm BENESCH, FRIEDLANDER, COPLAN & ARONOFF LLP, to propose a dialogue and contain the damage to the country's reputation that this investigation may cause, providing information.

The Panamanian Government clarified that this "should not be interpreted or understood as an attempt to prevent the ICIJ from investigating and publishing articles on important issues of the day," however it will fight so that possible actions by private companies do not repeat the damage of the Panama Papers.

According to the Government, this dialogue proposal arises after the significant and negative impact caused to the country by the "Panama Papers", despite the fact that "the vast majority of those involved in the alleged scandal related to offshore corporations, banks and clients They are outside of Panama."

Government authorities stressed that the fight against tax evasion and money laundering has not ceased. "Last year the Government of Panama suspended 395,415 out of 762,709 corporations and foundations out of its registry. No other country has suspended more than 50% of its corporations and foundations in a single act. This alone is a clear demonstration of the commitment of the Government of Panama to guarantee transparency", specifies the firm hired by Panama.

They add that Panama, and Panamanian corporations, only represent 0.27% of offshore companies registered worldwide, so calling the scandal "Panama Papers" is discriminatory.

To support the State's fight against money laundering, Panama listed some of the measures it has taken in the last five years:

- It was made mandatory for law firms acting as resident agents to identify and verify the Beneficial Owner (UBO).
- The Tax Authorities of Panama share the tax information of foreign citizens with their jurisdiction of origin.
- The Government of Panama authorized a superintendent to monitor law firms regularly, request information from UBO, and apply sanctions when information is not provided immediately.
- A special anti-money laundering task force was recently established and has shown results, including obtaining high-profile indictments and major asset forfeiture.

The government acknowledged that although there is still work to be done, concrete steps have been taken to monitor and enforce offshore financial activities.

Pandora Papers is a journalistic work produced by more than 600 journalists from 150 media outlets in 117 countries around the world. For the ICIJ, this is the most extensive exposition of financial secrecy they have made to date.