From Joseph Stiglitz, writing in Vanity Fair:
“It will not be long before those nations that opt to continue with old-style secrecy will be labeled pariah states and be cut off from the global financial system.”
New and abusive games will continue to emerge to fill the vacuum left by old-style secrecy — including new forms of opacity — but he’s certainly onto something.
The article is a testament to Panama’s “commitment” to eliminate crime and secrecy from its financial sector.
Hat tip: Links.