Arnab Das, head of emerging market macro at Invesco, appeared to concur, saying the huge scale of capital flight overseas was of greater interest that the singling out of Panama, or a particular Panamanian company.
"I think the real story was the stock of assets that have been expatriated from other countries," he said at the LatinFinance forum on Tuesday.
"I suppose if it hadn't been a Panamanian company it would have been some other firm in some other jurisdiction," Das later added.
Latin Americans are typically viewed as low proportional savers. However, Jorge Kogan, a senior infrastructure adviser at CAF, the development bank of Latin America, highlighted that large volumes of wealthier peoples' savings were secreted overseas.
"Maybe the Panama Papers can give some clarity … There is a lot of Latin American money that is being saved, but is not in the official sector," Kogan said at the forum on Tuesday.