Panama's government is creating an international committee of experts to recommend ways to boost transparency in the Central American country's offshore financial industry.

President Juan Carlos Varela is trying to shore up confidence in his nation's financial industry after the leaking of 11.5 million documents from a prominent Panama-based law firm that helped create shell companies for the world*s rich and famous.

The Panamanian leader said Wednesday that the committee*s findings will be shared with other nations so joint action can be taken to boost transparency in legal and financial centers worldwide.

As he takes steps to strengthen controls, Varela is defending Panama against what he calls a "media attack" by wealthy nations that he says are ignoring their own deficiencies and unfairly stigmatizingPanama.