In every crisis there lies an opportunity. And that applies even to a crisis as large and potentially scandalous as that revealed by the so-called Panama Papers.
Over the coming days and weeks the financial behavior of many rich, powerful, and influential individuals will come under the microscope. There will be accusations of hypocrisy—and much embarrassment.
But some of those influential individuals have the opportunity to grasp the nettle and push for more transparency in the world’s dark financial corners.
A Compelling Defense
The background to this is quite extraordinary. More than 11 million documents have been leaked from a Panamanian law firm, Mossack Fonseca. They appear to outline how the firm helped clients complete an array of potentially tricky financial tasks. These ranged from helping some of the world’s best-known rogues to filter money back into the financial system, to helping them (and others) get around awkward sanctions. Mossack Fonseca also appears to have helped rich individuals keep funds away from the prying eyes of curious tax authorities.
To be clear, Mossack Fonseca will be defending itself rigorously, and it’s already gone on record to say that it has never been charged with any criminal wrongdoing.
