Please allow me to refer you to the article below, analyzing the legal and economic significance of off-shore finance in the British Virgin Islands:
International financial records recently stolen from two offshore services firms and 19 corporate registries maintained by governments were leaked to journalists and their details subsequently published around the world. But beyond the hype, however, we find no intelligent inferences of legal significance in the reporting.
For example, the media draws attention to a United States Cabinet member's offshore financial transactions but does not allege that his shipping stake was illegal. Nor does it allege his foreign-registered holding company was illegal or that he failed in any disclosure duty.
(To read the full analysis click here: http://www.worldservicesgroup.com/publications.asp?action=article&artid=8936).