Scandals reduce assets of Panama banking system

Scandals such as the Panama Papers and the nation's inclusion in gray and blacklists have cost Panama's banking system a reduction in assets of little short of $1 billion a year.

Panama's International Banking Center had assets of $5.6 billion at the end of 2016; a year later, assets stood at about $4.6 billion.

The most recent figure, for last year through November, showed a year-on-year reduction of $784 million.