The International Consortium of Investigative Journalists (ICIJ) on Monday published the names of structures formed in international financial centres, arising from its so-called “[Panama Papers](” initiative. The ICIJ in fact issued a disclaimer stating *“There are legitimate uses for offshore companies and trusts. We do not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Offshore Leaks Database have broken the law or otherwise acted improperly.*”

The Ministry of Financial Services in The Bahamas released a statement today questioning the motive behind the publication of the database and with reference to Bahamas entities listed, indicating that the leak appears to be a gratuitous attempt to convey a negative impression of The Bahamas as an International Financial Centre.

The Statement continues:

*”Based on what has transpired thus far since the initial event it would appear that these leaks will take place intermittently over an extended period of time. Any leak of confidential information is unfortunate and potentially damaging. The uncertainty and sustained programme of leaks is that much more serious. That said, it is imperative that companies and the jurisdictions in which they operate, ensure that regulatory standards are adhered to, monitored and that they are enforced.*

*”The Bahamas remains committed to international cooperation for its international compliance obligations and we continue to monitor the developments of this information leak.”*