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Hong Kong-based financial consultant Yoshimitsu Sasago is unsettled by developments since the recent leak of client data from a Panama-based law firm.

Sasago has served Japan-based clients in Hong Kong for the past 10 years. Sometimes they ask him to provide a perfectly legal but somewhat tricky service: to help set up a very small — apparently shell — company in an offshore tax haven such as the Cayman Islands or British Virgin Islands, and then to open an account for that company at a major bank in Hong Kong.

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