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Komfie Manalo, Opalesque Asia:

The release of the so-called "Panama Papers" has interestingly resulted in the increased interest in Bermuda from Asia, said Aaron Burrows, Business Development Manager at Harneys at the latest Opalesque Bermuda Roundtable.

Burrows said, "[With] the release of the so-called 'Panama Papers’ earlier this year, some of the dynamics in Asia have started to change. Traditionally, other offshore jurisdictions have been heavily used by Chinese and other Asian entities. With the release of the Panama Papers, these jurisdictions have received negative publicity and as a result there has been increased interest in Bermuda from Asia."

He added that over time, he hoped that the papers would have a two-fold benefit for Bermuda. One of the benefits Burrows is seeing is the increase in licensing fees from entities setting up holding structures in Bermuda and others who have elected to base actual operations in the island due to the strong regulatory regime and the advantage of being so close to major U.S. cities. There will also be additional stimulus and knock-on growth effects to the Bermuda economy, Burrows said.

Daniel Tafur, founder and partner of Bermuda based Equilibria Capital Management, explained that global banking secrecy is effectively a thing of the past and that we are only just beginning......................

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