The April release of the Panama Papers was the most important milestone in the 200-year history of offshore banking. While elements of the business are legitimate, the trove of data hacked from Mossack Fonseca taints the entire industry as nefarious. Redemption can be found in the cascade of regulations that are now being imposed on financial-service intermediaries worldwide. In short, private bankers do not need to fuss over disclosure standards because laws make it increasingly difficult to obfuscate account ownership. The losers are the attorneys who create shell companies and the cabal of politicians who still want to circumvent their national standards. With this reboot, offshore banking can get back to the business of helping often-prominent clients manage their assets, both legally and transparently. ■
Learn more at the Center for Public Integrity.
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