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The American government refuses to participate in the automatic exchange of information and it tolerates mailbox subsidiaries which are frequently used for tax advantage if not evasion. U.S. prosecutors have shown little inclination to crack down on Miami, a tax haven.

The European Union also emerges from the Paradise Papers oddly unscathed, even though the bloc contains several countries which would fall under the ICIJ's definition of tax optimization of even tax shelters despite data-swap agreements.

6. A Certain Sympathy

The fact that the revelations didn't reverberate more widely or spark more anger may, paradoxically, also be due to a certain sympathy which many citizens harbor for international tax dodgers. Given the opportunity, rank and file citizens might make use of the same tax optimization methods – legally – as long as they feel they are being squeezed by their treasury at home.

7. Presumed Innocent

Last but not least, the editorial consortium behind the leak neglected an elementary obligation: the presumption of innocence until proven otherwise, and the right to legal representation. 

Those mentioned in the papers were often not given the opportunity to respond to the allegations until after the leak was made public. The ICIJ's heavy-handed methods, which naturally resulted in a more spectacular public splash, is dicey, especially by journalists who presume lawfulness and morality on their side. 

Claude Baumann is the Founder and Editor-in-chief of finews.ch and finews.asia, which is based in Singapore. Previously, he wrote for «Weltwoche» and «Finanz und Wirtschaft». He also co-founded the publisher Nagel & Kimche and launched business travel magazine «Arrivals». Baumann is the author of several books on the banking industry.

Previous contributions: Rudi Bogni, Peter Kurer, Oliver Berger, Rolf Banz, Dieter Ruloff, Samuel Gerber, Werner Vogt, Walter Wittmann, Alfred Mettler, Peter Hody, Robert Holzach, Craig Murray, David Zollinger, Arthur Bolliger, Beat Kappeler, Chris Rowe, Stefan Gerlach, Marc Lussy, Nuno Fernandes, Richard Egger, Maurice Pedergnana, Marco Bargel, Steve Hanke, Andreas Britt, Urs Schoettli, Ursula Finsterwald, Stefan Kreuzkamp, Oliver Bussmann, Michael Benz, Peter Hody, Albert Steck, Andreas Britt, Martin Dahinden, Thomas Fedier, Alfred Mettler, Brigitte Strebel, Peter Hody, Mirjam Staub-Bisang, Nicolas Roth, Thorsten Polleit, Kim Iskyan, Stephen Dover, Denise Kenyon-Rouvinez, Christian Dreyer, Kinan Khadam-Al-Jame, Robert Hemmi, Claude Baumann, Anton Affentranger, Yves Mirabaud, Katharina Bart, Frédéric Papp, Hans-Martin Kraus, Gerard Guerdat, Didier Saint-Georges, Mario Bassi, Stephen Thariyan, Dan Steinbock, Rino Borini, Bert Flossbach, Michael Hasenstab, Guido Schilling, Werner E. Rutsch, Dorte Bech Vizard, Adriano B. Lucatelli, Katharina Bart, Maya Bhandari, Jean Tirole, Hans Jakob Roth, Marco Martinelli, Beat Wittmann, Thomas Sutter, Tom King, Werner Peyer, Thomas Kupfer, Peter Kurer, Arturo Bris, Michel Longhini, Frederic Papp, Claudia Kraaz, James Syme, and Peter Hody.