Former Chief economist of world bank helping Panama promote transparency in offshore banking industry.
Joseph Stiglitz is serving on a special commission after being asked to do so by Panama’s vice president, Isabel Saint Malo. This commision was set up to help Panama promote transparency in its offshore financial services industry. This includes not only banks, but also law firms and a full array of service providers. Panama officials are concerned about Panama’s public image after the release of the “Panama Papers”.
Stiglitz believes that transparency reforms will strenghten Panama’s economy in the long run. He believes that nations that opt ot continue with old style secrecy will be labeled pariah state and will eventually be cut off from the global financial system.