Panama Papers: Banks in firing line as calls for more financial transparency grow

Never mind the Russians, political leaders and celebrities. The leaked papers from a Panama law firm have the potential to create a bigger headache for the global financial industry.

EU economic affairs commissioner Pierre Moscovici

The leak of reams of confidential information about the use of offshore tax havens hasn’t resulted in specific accusations of wrongdoing at any of the big banks, so far.

But a quick look through the accounts of some of the largest financial institutions shows just how integral tax havens have become to the global banking system.