Paris - From Moscow to Reykjavik to Buenos Aires and beyond, the same two words are suddenly reverberating in financial circles: offshore accounts.
No sooner did a group of media outlets report on Sunday that some of the world’s wealthiest people, including politicians and business figures, had channelled billions through offshore accounts than the inevitable blowback began.
Public officials responded with outrage, bluster, denials, semi-denials or all of the above. Banks like HSBC and UBS stressed that they follow the rules and carefully vet customers. And regulators said what regulators often do: We’ll look into it.