The ‘Panama Papers’, documents leaked to the investigative journalists, show that the British Virgin Islands is the most popular location for banks and law firms to facilitate corrupt and criminal business. The UK is second only to Hong Kong as the largest host of illicit trade. One aspect of financial secrecy that is overlooked is the impact on people in the poorest countries. A Christian Aid and Financial Transparency Coalition review of the leaks from the Swiss branch of HSBC showed that poorer countries lose far more to tax evasion than rich ones. Christian Aid said, ‘The Panama Papers have exploded any remaining excuses the UK had for allowing secrecy in its tax havens. This leak exposes the extent to which UK tax havens and UK-based intermediaries are at the very heart of this rotten system.’ See also article 1 in this week’s World section.