Panama alarmed as leak threatens vital finance sector

Revelations from a massive dump of leaked data from Mossack Fonseca's servers detailing how the world's wealthy -- politicians, footballers and some criminals -- used its lawyers to set up offshore companies is sending shock waves around the worldAlarm spread through Panama on Monday as concerns rose that a massive data leak from one of its legal firms could threaten its vital financial services sector that relies on offshore business. President Juan Carlos Varela vowed that "what we are going to do is defend the image of our country," while worried representatives from the financial and associated legal sector held an emergency meeting with the government. The so-called Panama Papers leak has revealed that politicians, celebrities and criminals used the breached law firm, Mossack Fonseca, to create offshore entities for their assets -- in some cases to illegally launder money or evade taxes.

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