According to this article on the recent tax haven privacy breach, The EU is using unlawful means to crack down on banking privacy. The German National Police acquired a CD containing the names and details of account holders of bank accounts in a Lichtenstein bank owned by the Lichtenstein royal family. The individual who had the CD downloaded it illegally as in criminal hacking and sold it to the Germans.

So here is another example of an entity abusing it's power. How does this affect Panama? Could this ever happen here? I do not think so. There is too much of the Panamanian work force involved in the banking system, and there would be too much at stake for an outside entity to attempt the same scheme as the Germans did to Lichtenstein.

Panama remains one of the few real advocates for banking privacy. This is just one of the many reasons why so many do business here.