Months Before Latest Leak, US Bill Created Potential Money Laundering Loophole

By Valentina Pasquali

Providers of anonymously held trusts and shell companies in the British Virgin Islands, U.S. and elsewhere helped corrupt politicians, conmen and other criminals move billions of dollars around the globe for a period of two decades, the latest, large-scale leak of banking and corporate data shows. On Sunday, the International Consortium of Investigative Journalists, Washington Post and other news outlets published the Pandora Papers, nearly 12 million confidential records showing how corporate formation agents, trust providers and other offshore financial firms operating in dozens of jurisdictions not only enabled secretive, suspicious finance, they promised it. The investigation tracked down more...