The release of the Panama Papers highlights the chasm between those who want to eliminate the offshore financial industry and those who see it as critical in facilitating international trade and investment. For industry's supporters, these leaks are an important part of necessary cleansing.
"The offshore financial industry is critical for global investment. It needs fixing, not nixing", says Jonathon Clifton, Group Managing Director of OIL. In the article "The Panama Papers Aftermath", Jonathon shares his views on the development of the offshore industry following the Panama Papers. He believes the future of the industry lies in few, better-regulated jurisdictions with mechanisms that balance the need for both privacy and transparency. The short-term pain now, may in fact be just what the industry needs to go through, to receive the recognition it deserves for enabling globalisation and providing the plumbing to the global financial ecosystem.
The article was featured in the Wall Street Journal on 1 June 2016.
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