On April Fool’s Day this year, Panamanian law firm Mossack Fonseca & Co notified its clients that it had sustained an email hack. It instantly became the world’s best-known law firm following the leak of 11.5 million documents, cherry-picked by global media outlets, that revealed confidential client information. The Panama Papers made news and so did offshore law firms. Again.
But for every offshore firm, regardless of jurisdiction, the Panama Papers leak was no laughing matter: the inevitable public outcry further fuelled the enduring debate over tax and transparency.