EDITOR’S NOTE:Every week we post an excerpt from Katrina vanden Heuvel’s column on WashingtonPost.com. Read the full text of Katrina’s column here.
the Pandora papers– A treasure trove of nearly 12 million leaked financial records from 14 different “offshore” asset services companies – reveal the different ways billionaires, corporations, drug traffickers and scammers get their money in notorious tax havens such as Belize, Seychelles, British Virgin Islands and Sioux Falls, SD
Yes, Sioux Falls. It turns out that with states like South Dakota and leading Delaware, the United States is now competing with the Cayman Islands and European protectorates for those who try to hide money, evade taxes, or evade judgment. Trident Trust, for example, based in Sioux Falls, manages trusts worth around $ 360 billion with customers who already have accused Money laundering, bribery and even human rights abuses. The trusts protect customers (mostly foreigners) from tax authorities, from creditors, from foreign governments and from the settlement of abused people.
To win that race to the bottom, the Republican Legislature of South Dakota passed whatever laws the corporate attorneys wanted. Almost 30 years ago the state effectively abolished the “rule against eternity”, which essentially gives the rich the opportunity to evade taxes from generation to generation.
Read the full text of Katrina’s column here.