October 29, 2021
Publication: Wealth Briefing
The Pandora Papers, which were based on stolen documents provided to journalists who published the private financial affairs of hundreds of people, is part of a “dangerous trend,” Kobre & Kim’s Robin Rathmell told Wealth Briefing.
“This is an invasion of privacy but not revealing anything that people didn’t really already know,” said Mr. Rathmell, who represents high-net-worth individuals in international litigation. “It undermines the heroic work of investigative journalists in other fields. Instead, what this is about is journalists enforcing a sort of moral code of their own design. Everyone is entitled to a level of privacy.”
This hack has “obliterated” the line between legitimate and illegitimate secrecy, he added. Still, the wealth management industry can also “do a better job of explaining the differences between privacy, legitimate tax efficiency and unlawful tax evasion. The situation is better than five or 10 years ago.” Mr. Rathmell advised.
Mr. Rathmell suggested that the political fallout from the Pandora Papers has been limited partly because there have been large leaks already and that some unacceptable forms of secrecy have gone. “Offshore finance has been a bête noire…it is easy for politicians and others to make a quick hit,” Mr. Rathmell explained.