Around 600 journalists from 150 media outlets in 117 countries worked to dig through the almost 12 million files.
Another big revelation from the leak is not really about the names but rather how it shines a bright spotlight on the way the United States has become a top offshore destination for the rich and powerful to hide their assets. The United States is such an appealing destination for the cash that many have moved their money from other better-known tax havens to the United States. South Dakota in particular has emerged as a top destination for foreign assets.
“Over the past decade, South Dakota, Nevada and more than a dozen other U.S. states have transformed themselves into leaders in the business of peddling financial secrecy,”. And regulators and law enforcement haven’t really caught up as they continue to focus their efforts on the better-known tax havens such as the Bahamas and the Cayman Islands. The revelation will “likely … prove embarrassing for the U.S.
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