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Assets in Panama banks reach record level despite ‘Panama Papers’

PANAMA CITY: Banks based in Panama managed a record level of assets last year -- $121 billion -- despite fallout from the "Panama Papers" scandal, an industry body in the Central American country said Thursday. The International Banking Center, which represents Panamanian and foreign banks, said members' assets "reached the record level of $121.075 billion" -- a jump of 3.3 percent over 2015. Panama has come under intense international tax scrutiny since the Panama Papers revelations a year ago on how the world's…