Panama has announced creation of an international panel to help improve transparency in its offshore financial industry. The move follows the leak of millions of documents from law firm Mossack Fonseca. President Juan Carlos Varela said Panama would work with other countries over the revelations. <br/><br/>In a televised address, he said that the government will create an independent commission of domestic and international experts. The panel would examine working practices and propose measures that could be shared to strengthen the transparency of the financial and legal systems, he said. <br/><br/>Several countries including India are probing possible financial crimes by the rich and powerful in the aftermath of the leak. The papers have revealed financial arrangements of prominent figures, including friends of Russian President Vladimir Putin, relatives of the Prime Ministers of Britain and Pakistan and Chinese President Xi Jinping, as well as Ukraine's president and a list of nearly 500 Indians . Meanwhile, Mossack Fonseca says it has been the victim of a hack. It has filed a complaint with the Panamanian attorney general's office.