When the world woke up to news of history’s biggest ever data leak a year ago, it lifted the lid on the murky world of offshore tax regimes–usually sun-kissed islands where the rich, famous and infamous alike, can hide wealth from view. The Panama Papers involved 11.5m files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca, and was obtained by international press from an anonymous source. While the wider public was shocked by the practices exposed, it is probably a safe assumption to say most professionals were not. -Although they may have alarmed by its scale, the methods used were basic and themselves not new; Mossack Fonseca was not re-inventing the wheel.
Secrets exposed, the tough questions to be asked now, a year later, are: What has changed for the better? And were the revelations worth it? Did the act of revealing the