South Dakota is sheltering assets from individuals previously accused of financial crimes, the new Pandora Papers say.
The state's laws have moved to allow for more financial security to protect asset holders,explains. In a normal bank, the government taxes the interest earned by the account. Even if that money is protected from taxes it can still be lost through a divorce or legal proceedings.
However, in South Dakota, all assets are protected from any civil claims, the Guardian reports. Assets are not protected from criminal investigation. Because the state has no income tax, no inheritance tax, and no capital gains tax, finances there are also sheltered from the government, the outlet said.detailed in the Pandora Papers are in South Dakota, making it the state in the US with the largest number of trusts from the report, according to the ICIJ.
"Trusts set up in South Dakota and many other U.S. states remain cloaked in secrecy, despite enactment this year of the federal Corporate Transparency Act, which makes it harder for owners of certain types of companies to hide their identities," the ICIJ said. The news outlets involved are expected to publish more details from the Pandora Papers in the coming days. Subscribe to push notifications
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