Economist Jeffrey Sachs argues that while the release of the Panama Papers has brought welcome attention to the existence of these off-shore tax havens, we should not forget that the roots of the problem lie much closer to home.
The tentacles of corruption reach deep into the UK (and US) financial systems. Banks in the City of London and Wall Street have paid tens of billions of dollars of fines for insider trading, financial fraud, price rigging and other financial crimes in recent years. Yet almost no leading bankers have taken a hit for their organization’s malfeasance. It’s hard to escape the conclusion that the major financial firms are part of a global network of organized financial crime.