Duff & Phelps' co-authored this white paper, "The Panama Papers," in conjunction with the webcast that was held on Tuesday May 3rd. This paper discusses the release of the Panama Papers by the International Consortium of Investigative Journalists ("ICIJ") that caused shockwaves across the globe after some 11.5 million leaked documents from Panamanian law firm Mossack Fonseca revealed that, over the last 40 years, tens of thousands of people formed offshore companies in which they held funds anonymously. This is part of a larger industry in which reportedly trillions of dollars are held in offshore tax havens around the globe.
The authors discuss the issues that the Panama Papers raise, specifically the regulatory implications, the increased scrutiny and potential fallout around the use of shell corporations (whether legally or illegally), cyber security concerns, and what we can expect going forward. The paper references several graphs (produced by ICIJ) and tables to demonstrate the scope of this industry, including countries with the most active Intermediaries, the "10 Most Popular Tax Havens" in the Panama Papers, and "Country Rankings" by largest average Illicit Financial Flows.