Observer2 your "observations" are quite dead on. The leaks only confirm that the Bahamas is re-active and not pro-active to the demands and needs of the Global economy as it evolves towards transparency. This issue had been on the table for quite awhile since 1998 when the OECD was moving towards blacklisting the Bahamas as a "harmful tax regime" - I had used this term in an email response to a USA affiliate office (of a Nassau satellite office) which was inquiring about taxation issues for Americans' planning to move to the Bahamas. One of the Principal's of the Nassau office took great offense to the use of the term revealing that there is either denial or ignorance in their knowledge. So it is not just the Government but also the financial and legal professionals who may be considered as aiding and abetting this perpetuating scandal similar to the Enron collapse where Arthur Anderson was held accountable.

It is true that the broader Bahamian populace will bear the costs in lost jobs; shuttered offices etc., but the professional elite have reaped millions in fees over the years servicing this sector and as with the adage that "whom much is given" much will be expected. It is in my opinion and experience that the perceived rewards of doing something illegal or morally questionable that the personal cost often exceeds the reward that one receives - "all that glitters is not gold".