The Panama Papers scandal highlights how much progress the world has made in combating tax havens, the head of the Organisation for Economic Co-operation and Development (OECD) told CNBC on Friday, warning that Panama would face "consequences" if it did not improve.
"It shows how much progress we have made because it shows also that the tolerance (for tax havens) is very dramatically reduced. And also the fact that it shook everybody up (shows that) now it is an exceptionality rather than the rule," Angel Gurria, the secretary general of the OECD, said in Washington D.C.
The OECD is an influential international organization to which 34 mostly major economies belong. Panama, a small country in Latin America, is not a member.
The so-called Panama Papers have exposed more than 11.5 million financial and legal records and revealed the heads of states and other public figures around the world that are sheltering wealth offshore.
The leak came from Panama-based law firm Mossack Fonseca.