Even as a global crackdown on secretive tax havens has gathered pace, Panama, an entrepot of offshore finance, has remained a stubborn holdout.
But a huge data leak from one of the country’s top law firms, Mossack Fonseca, and reports that it helped hide billions of dollars in assets for global politicians, sports stars and entertainers will test its resolve to resist a worldwide push for transparency.
“There will be political pressure and commercial pressure,” said Pascal Saint-Amans, the top tax official for the Paris-based Organisation for Economic Co-operation and Development.
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