PandoraPapers: S.Dakota lawmakers allowed state's use as tax haven for financial elites

https://www.inquisitr.com/6497014/pandora-papers-show-south-dakota-is-a-major-tax-haven

…Pandora Papers show that around $360 billion in customer assets are currently held in various trusts based in the state of South Dakota. The figure has allegedly more than quadrupled over the past decade, according to the ICJ, which wrote the following.

"The documents provide details about the movement of hundreds of millions of dollars from offshore havens in the Caribbean and Europe into South Dakota, a sparsely populated American state that has become a major destination for foreign money."

South Dakota Laws

Around $360 billion is being held in South Dakota trusts because lawmakers have approved legislation "championed by insiders in the trust industry."

According to The Washington Post, which participated in the investigation, South Dakota is now comparable to notorious tax havens around the globe.

"South Dakota now rivals notoriously opaque jurisdictions in Europe and the Caribbean in financial secrecy," the outlet noted.

A few other American states, such as Nevada and Florida, appear to be moving in the same direction, according to the documents.