What Has Changed Since the ‘Panama Papers’ Leak?
Jaime Jácome de la Guardia, Diaz Reus Partner in Panamá, explains that “The Panama Papers, WikiLeaks and other leaks have nullified commercial secrecy. Since 1977, Mossack Fonseca had been a major player in the market of international legal and financial services. An illicit intervention in its archives by unknown actors, disclosed by a journalistic organization and with evidence that no judicial system in the democratic world has accepted as valid, the scandal caused international commotion that conflated some cases of political corruption, organized crime and tax fraud with hundreds of thousands of licit mercantile operations. However, the scandal has not had a major negative impact in Panama.”