Episode Details

This is the financial autopsy of the Pandora Papers — the leak of 11.9 million documents from 14 offshore service providers that revealed how political elites and wealthy individuals moved assets into trust structures in South Dakota, Nevada, and other US states after the Panama Papers increased pressure on traditional offshore jurisdictions.

We dissect the full story: how South Dakota abolished the rule against perpetuities, created perpetual trusts with no public beneficial ownership disclosure, and became a preferred destination for global wealth concealment — all while the US was pressuring other countries to increase transparency.

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The United States spent decades dismantling offshore secrecy around the world — and then quietly built one of the most powerful secrecy instruments inside its own borders.

A striking case of regulatory arbitrage and the migration of financial opacity from the Caribbean to the American Midwest.

KEYWORDS

Pandora Papers, South Dakota trusts, US offshore secrecy, trust architecture concealment, beneficial ownership migration, Pandora Papers leak 2021, South Dakota perpetual trusts