The International Consortium of Investigative Journalists (ICIJ) recently published the names of structures formed in The Bahamas and other international financial centers. The publication came with a disclaimer which stated “There are legitimate uses for offshore companies and trusts. We do not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Offshore Leaks Database have broken the law or otherwise acted improperly.”
The question comes to mind as to why publish a list at all? What is the motive? Without more the leak appears to be a gratuitous attempt to convey a negative impression of The Bahamas as an International Financial Center.
Based on what has transpired thus far since the initial event it would appear that these leaks will take place intermittently over an extended period of time. Any leak of confidential information is unfortunate and potentially damaging. The uncertainty and sustained program of leaks is that much more serious.
That said, it is imperative that companies and the jurisdictions in which they operate, ensure that regulatory standards are adhered to, monitored and that they are enforced.
The Bahamas remains committed to international cooperation for its international compliance obligations and we continue to monitor the developments of this information leak.
