Thread by @cjcmichel

NEW: The #PandoraPapers taught us plenty—especially about how South Dakota exploded into an offshore haven, and who’s behind some of the anonymous wealth that has flooded the state.

theatlantic.com/ideas/archive/…

(Huge shoutout to @TheAtlantic’s art team—never thought I’d see a day when I could have “scrilla” in a piece on offshoring and dirty money.)

South Dakota trusts are the gold standard for anyone looking to hide money—forever. They can:

—List you as both settlor and beneficiary
—Last for centuries (or longer)
—Never reveal who’s behind them to other governments
—Never reveal who’s moving the money

‘Offshore’ once meant far-flung islands beyond the reach of major economies, but the U.S. has brought those same services back onshore.

And South Dakota is the perfect case for how these industries can capture an entire state.

theatlantic.com/ideas/archive/…