Panama Papers: Government announces creation of 'panel of experts'

Panama is creating an international panel to help improve transparency in its offshore financial industry.

The move follows the leak of millions of documents from law firm Mossack Fonseca, showing it helped some clients evade tax and avoid sanctions.

Several countries are probing possible financial crimes by the rich and powerful in the aftermath of the leak.

President Juan Carlos Varela said Panama would work with other countries over the revelations.

"The Panamanian government, via our foreign ministry, will create an independent commission of domestic and international experts," he said in a televised address.