All eyes are on the Panamanian law firm of Mossack Fonseca. We've even named the scandal after their homeland, the Panama Papers. As I noted in my previous post, the Mossack firm isn't the alpha or omega of the offshore tax dodge scandal. Mossack is merely the player that was hacked. There are others. From Vice News:
"Today, Mossack Fonseca is considered one of the world's five biggest wholesalers of offshore secrecy," ICIJ wrote. "It has more than 500 employees and collaborators in more than 40 offices around the world, including three in Switzerland and eight in China, and in 2013 had billings of more than $42 million."
One of the five biggest and who knows how many lesser players there are in this market. You can be sure they're not all in Panama either. You can expect to find them anywhere that small governments earn big money to do nothing more than look the other way. You can also find them in the boardrooms of major banks and accounting firms in big cities just about everywhere. And those guys have collaborators in legislatures around the world. It takes a village.
This is not a lawyer problem. That's the tip of the iceberg. Mossack is just the bright, shiny thing. If, however, your government limits its focus to Mossack and that firm's clients and doesn't wade into the home grown dodgers in the boardrooms of its own high rise office towers, that's how you'll know it too is in the bag, as bent as a two penny nail.