Since Sunday, the release of the Panama Papers has taken the media by storm. Within 48 hours the prime minister of Iceland resigned, leading many to believe that this is just the first consequence. Given the size of the leak, it may be hard for one to grasp what the ramifications of this leak will be. With over 150 global leaders rumored to be linked to the Panama Papers, it is easy to believe that we have not even begun to see what the effects of this will be.
Offshore banking seems to consistently attract bad press for the individuals who take advantage of the rules. Offshore banking is no different than any other business, there are always going to be bad apples that rule media attention and put the legal benefits in the shadows. One of my mentors favorite sayings is “You don’t know what you don’t know.” This couldn’t hold truer for offshore banking.
Below is a link to a VICE interview with a true professional in the offshore world. This is someone that I have personally worked with and I would promote anyone interested in the subject matter to read. The interview will provide you an educated input what the Panama Papers really mean and how they will affect the industry in general.