The chief of the OECD said Monday that the Panamanian government is expected to cooperate in international efforts to prevent tax avoidance after the revelation of the Panama Papers.

OECD Secretary-General Angel Gurria said during a news conference in Tokyo that the vice president of Panama, Isabel de Saint Malo, told him last week her government "is willing to cooperate fully with the OECD."

Although Panama has not joined the initiative to have participating countries exchange information on financial accounts, Gurria said "my expectation is that this very unfortunate event may trigger a reaction by the government of Panama to fully join the rest of the world in this exercise about transparency."