“My concern,” says one former state senator, is that “we become like Switzerland or Panama.”
, the state is now facing renewed controversy for its laissez-faire financial secrecy laws that have turned it into a tax haven for the ultrarich and powerful. On Sunday, the International Consortium of Investigative Journalists a cache of leaked financial records tied to some of the world’s wealthiest figures that exposed South Dakota as a top jurisdiction for millionaires and billionaires trying to safeguard their riches by hiding them from public view.
In the ICIJ’s report, the group listed South Dakota alongside the world’s most infamous offshore tax havens, noting that“adopted financial secrecy laws that rival” the Seychelles, Belize, and the British Virgin Islands, which makes it a prime location for those guilty of money laundering and other crimes.
to South Dakota in 2019. “The trusts held personal wealth and shares of the company, which has stood accused of human rights and labor abuses, including illegally bulldozing houses of impoverished families to expand plantations,” the. Morales died in 2014. His four daughters, who are trust beneficiaries, did not respond to the’s questions regarding the fund transfers. Through their attorney, they said they have never been involved in the sugar company’s operations.
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