Mitchell Stein | Secrecy over Panama Papers

The world of offshore banking has been exposed with the release of Panama Papers. A global consortium of journalists have been poring over documents from a Panamanian law firm which specializies in setting up offshore businesses for the world's elite and wealthy.

While the release of the papers has made headlines around the world, Managerial Accounting and Control professor Mitchell Stein tells the CBC's The Exchange there are many legitimate reasons for setting up offshore accounts.