It was almost inevitable the huge Pandora Papers leak, revealing hidden wealth, tax avoidance and in some cases money laundering by some of the world’s elites, would lead to calls for change. The sheer weight of evidence in the leak makes it near impossible to argue existing efforts to tackle such financial wrongdoing have succeeded.

Many have argued this should be a wake-up call in the battle against financial crime, with some commentators referencing past scandals and arguing little progress has been made.

A quick check shows the Panama Papers leak of 2016, 2017’s Paradise Papers and last year’s FinCEN Files all prompted hand-wringing and strong statements about them needing to prompt reforms by global pow...

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