When It Comes to Money-Laundering, the U.S. Is Part of the Problem

Treasury Secretary Janet Yellen, right, speaks as Vice President Kamala Harris listens, during an event at the Treasury Department in Washington, Sept. 15, 2021 (AP photo by Susan Walsh).
Treasury Secretary Janet Yellen, right, speaks as Vice President Kamala Harris listens, during an event at the Treasury Department in Washington, Sept. 15, 2021 (AP photo by Susan Walsh).

On Oct. 3, the International Consortium of Investigative Journalists released 11.9 million confidential files, known as the Pandora Papers, that documented how world leaders, oligarchs and business elites park their wealth in offshore jurisdictions. Like the Panama Papers of 2016, this new leak brought shell companies and offshore jurisdictions under intense public scrutiny for their role in helping the rich and powerful evade taxes and ignore the transparency requirements by which their fellow citizens and competitors must abide. What was perhaps most damning was the inclusion of five U.S. states—South Dakota, Florida, Delaware, Texas and Nevada—among the list of favored offshore […]

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