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 sector after the leaking of 11.5 million documents from a prominent Panama-based law firm which helped create shell companies for the world's rich and famous.
Prime Minister David Cameron's spokesperson has declined to comment on whether his family had money invested in offshore funds set up by his father.
Cameron's late father, Ian Cameron, is reportedly among hundreds of thousands of clients named in more than 11.5 million leaked documents from a law firm in the tax haven of Panama.
In 2012, Cameron's father was reported to have run a network of offshore investment funds to help build the family fortune.
Asked whether she could confirm that no family money was still invested in those funds, Cameron's spokesperson said: "That is a private matter, I am focused on what the government is doing."
The financial watchdog ordered banks and businesses to check whether they have links to a law firm at the centre of the Panama Papers leak.
In a letter to the European Council President in 2013 Mr Cameron argued offshore trusts should not be subject to new transparency proposals.
The nature of the tax avoidance carried out by Blairmore Holdings may have been misunderstood.