Do the Panama Papers really change anything, asks Philip Hackett QC
The opening headlines have died away. Things may have been quiet by comparison in recent weeks, but the expression “Panama Papers” is surely now synonymous with corruption and money laundering.
The headlines certainly were sensational, but this may have disguised both the true nature of the issues raised and a proper consideration of whether low tax “offshore” jurisdictions also have a proper function or are merely facilitating systemic criminality.
Of course, there have been some headline names associated with corruption and sanctions in the political context, and there is another category of revelations about persons who are either politicians or public officials whose office carries an obligation of disclosure in respect of financial affairs.
However, it is important to recall that there is a further category of persons who are completely unconnected to any corruption, money laundering or other criminal activities and have no connection to politics such as might give rise to disclosure obligations or have properly made such disclosures.
