The Panama Papers

The Panama Papers: How much financial privacy should the super rich be allowed to enjoy?

The Panama Papers comprise a leak of 11.5 million files from Mossack Fonseca, the world’s fourth biggest offshore law firm. The leak has tainted the reputations of many celebrities, and some public officials have been forced to resign, including Icelandic Prime Minister Sigmundur Davíð Gunnlaugsoon, and Spanish Industry Minister José Manuel Soria.

Ramón Fonseca, Director of Mossack Fonseca, complained that his firm was the victim of “an international campaign against privacy.” At a time where privacy does seem to be under attack on all fronts, it is relevant to ask whether the super rich ought to be able to enjoy financial privacy with respect to their offshore accounts. Continue reading

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