For Hudson Institute's Kleptocracy Institute, I detailed how the US has transformed into one of the world's leading destinations for financial secrecy services - and which states are leading the charge:
The U.S.’s transition into one of the foremost offshore destinations stems, in no small part, from Washington’s 2014 decision not to join the OECD’s recent financial information-sharing agreement, known as the Common Reporting Standards (CRS). American officials instead opted to implement the Foreign Account Tax Compliance Act (FATCA), which came into force in July 2014. Even though much of text within FATCA’s provisions – which required international financial firms to notify the IRS of American accounts – mirrored CRS requirements, the two programs remain remarkably disjointed, such that, as the Tax Justice Network wrote, “Washington’s independent-minded approach risks tearing a giant hole in international efforts” at financial transparency. ...
However, it’s not simply blinkered federal policy that may jettison the U.S. past Switzerland as the global leader in financial secrecy. A concurrent trend, taking place among state legislatures, has effectively created a new class of “onshore-offshore” destinations in the U.S., led by Wyoming, Nevada, and Delaware. These three states – as well as Alaska, North Dakota, and South Dakota – have challenged heretofore popular offshore destinations like Jersey or the British Virgin Islands in provisions for anonymous shell corporations.
Also, I hosted a podcast discussion with investigative economist James Henry, walking through the US's transformation into an offshore behemoth and what to expect from a Trump administration on the financial secrecy front.