Governments of a number of world countries have launched investigations into financials abuses of the rich and powerful, after the huge leak of financial data at the Panamanian law firm Mossack Fonseca, Euronews reports.
Both public and private figures are now faced with tremendous pressure, but also the offshore industry itself.
Marina Walker Guevara, Deputy Director of the International Consortium of Investigative Journalists (ICIJ) was one of the coordinators of the year-long scrutiny into the 'Panama Papers'. She has voiced scepticism that key issues will change:
"The offshore world has the characteristic of re-inventing itself very quickly and once a trick is exposed, there are very well paid accountants and lawyers who come up with the next trick. (but) Sooner or later at a time of big data and big collaborations and tenacious journalists working together, it's going to be harder and harder to keep these secrets under wraps."
The scope of the 'Panama Papers' is substantial.
There are 140 politicians, from more than 50 countries linked to offshore companies in 21 tax havens who were probed. The list of involved individuals in financial scams also includes top executives, celebrities and sports figures as well as countries' presidents, their associates and in some cases friends and family members.
While holding money in offshore companies is not illegal, journalists who received the leaked files claim they can provide evidence of wealth hidden for alleged tax evasion.
Law firm Mossack Fonseca says it has been the victim of a limited but successful hack as part of an international campaign against the right to privacy.
Its work has also been misrepresented. It has established over 250,000 anonymous corporations throughout its history – the vast majority of which have been used for "legitimate purposes".