This article was originally published by Financial Times.The release of the Panama Papers has made vivid the role played by tax havens in hiding illicit gains. But the rapid growth in offshore centres in recent decades has been built on more than secrecy.Amid the unsavoury revelations about authoritarian leaders and their intimates abusing offshore accounts provided by Panama’s Mossack Fonseca law firm, many financiers are springing to the defence of an industry they view as an essential cog in...
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