Panama Papers: Hiding Cash Has Become Crummy Business

Two months before the release of the Panama Papers, the attorney general of once-secretive Switzerland publicly proclaimed that $4 billion may have been misappropriated from state-owned companies in Malaysia.

The statement set off a bomb under the long-running scandal of a Malaysian government investment fund, known as 1MDB. It also showed how much has changed in the murky world of secret offshore bank accounts and corporations. For the Swiss prosecutor—one of whose predecessors once said, “It’s hard to determine which suitcase…

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