Panama Papers hurts public trust : World Bank


World Bank has said, Panama Papers revelations are hurting public trust and may make ordinary citizens more reluctant to pay the taxes needed to fund roads, schools and other government functions.

World Bank Managing Director Sri Mulyani Indrawati called on policymakers to cooperate by crafting some stronger laws. The money sheltered in Panama also represents a big chunk of some countries’ economies.

Information leaked from a law firm based in Panama showed the efforts of wealthy people around the world to hide money and avoid taxes. Sri Mulyani was previously Indonesia’s Finance Minister, the first female to serve in that post, and is now the highest ranking woman in the history of the World Bank. She said, it is important for women to show that they can do jobs as well, or even better than men in traditionally-male dominated fields like finance.