The vast majority of the companies registered in the 'Panama Papers' are in the British Virgin Islands. BVI companies do not have an obligation to prepare of file financial accounts. However, records must be kept that are sufficient to show and explain the company's transactions; and will, at any time, enable the financial position of the company to be determined with reasonable accuracy. Such records do not have to be kept in the British Virgin Islands and the location for keeping such records can be freely determined by the owners of the company, and there is no requirement whatsoever to file or otherwise make public any commercial or financial records of the Company. Quite clearly then intended for hiding the affairs of the companies concerned, albeit legitimately under BVI rules