A panel of independent experts says Panama must improve its information sharing with foreign nations and implement internal regulations to alter its image as a paradise for tax evaders.

Panel leader Alberto Aleman Zubieta said Monday that the recommendations aim to close "gaps" in the country's financial services sector.

President Juan Carlos Varela formed the panel following the April leak of a huge trove of documents from a Panamanian law firm detailing offshore financial dealings. Many of the so-called "Panama Papers" documents detailed how world leaders, celebrities and businesses used tax shelters to hide money.

The panel's report was made public Monday. Among its recommendations is to require that records be kept of the ultimate beneficiary of limited liability companies to guard against illicit activity.