I haven’t read the article fully, but I believe the specific tax havens weren’t at fault. Rather, it was intermediary companies used to form these offshore accounts. I’m sure the intermediaries assured their clients that privacy would be maintained, and only limited information would be passed on to the Corporate Registrars in each tax haven. A number of tax havens make available a limited search capability of their corporate registries, so not too much information was divulged there. Apparently, the weak link were companies involved in setting up LLC’s, etc. for clients. For the Panama Papers, it was an actual Law Office.
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Becoming non resident or moving offshore is totally legal. We should have nothing to hide. I really would not be worried if my details became public provided nobody had access to my accounts. If people have something to hide they have no sympathy from me. I have paid all my taxes and now wish to move offshore with my net income. If others have not paid tax due they deserve everything they get.
It is time this industry was open and transparent with nowhere for criminals to hide. Those that abuse the system give us a bad name and put us at risk of aggressive retributional government activity.
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