By Janine Perrett

"Iceland PM resigns over Panama leak".

Ah, the first and very big scalp, from the world biggest ever data leak. 

Well he was from a proper democratic country where they don't usually expect their leaders to be hiding secret off shore tax accounts despite the whole nation's economic collapse in the GFC.

My first reaction to the whole Panama Papers story this week was "Really?, Vladimir Putin and various dictators, shonks and celebrities are hiding billions in offshore tax havens?

Really? The list includes the current Chinese leader who is having a much-publicised crackdown on corruption, which is obviously a crackdown on political opponents while he himself directs corrupt funds offshore.

Really? Various FIFA officials are named including one leading the current clean-out of corrupt FIFA officials.

Really? The 800 Australian names include a number of tax dodgers already known to the local authorities through its infamous Operation Wickenby crackdown.

You know, that was the heavily criticised operations that netted some famous names like Paul Hogan whose name also pops up in the Panama papers.

(And it is here that we should do the required disclaimer that just because your name pops up in these 11 million documents does not in anyway imply that you are doing something illegal because of course it is totally legal in most countries to funnel vast amounts of money through offshore tax havens),

For me the Australians who are named already prove that the ATO was actually on the right track in many cases - some have already been jailed and released. Though some have successfully fought off these disgraceful attacks in the court.

Of course my initial reaction of "tell me something I don't know" to the whole Panama Papers story, is probably due to three decades of financial journalism including annual stories on widespread offshore tax havens for the rich and powerful.

I don't hold out much hope for change as I've heard the outraged rhetoric and promise for action many many many times before.

So apart from having awe for the 300 journalists from 80 countries who poured over these 11 million documents I have one other major hope from the huge leak.

The leak itself is the best deterrent. Tax dodgers hate scrutiny.

The whole point of a secret offshore bank account is to stay secret. The minute it is public and you realise nothing you do is private, defeats the whole system.

Just ask the PM of Iceland.