The most attractive financial centre in Latin America and the Caribbean as of September 2016 is the Cayman Islands. The Z/Yen financial centre index takes into account business environment, human capital, infrastructure and taxation. This is a stark contrast to 2015, when two of the top three centres belonged to Brazil. Rio de Janeiro and Sao Paulo have since fallen largely due to the political instability seen in Brazil in the last 18 months. These figures could reverse in 2017 if Brazil recovers through increasing the number of financial service companies in the country and as offshore island accounts face privacy fears in the aftermath of the Panama Papers incident.