All I know is 20 years after Noriega, Panama is a large banking center. My guess for Latin American money that is sent offshore. You live in Argentina you bank some money in Panama... if you can get it out of Argentina
Yes, but it's hard to believe they would maintain confidentiality in the face of heavy US pressure. It may work for the Latins, but it won't work for US citizens. We may have to put coins under the mattresses.