For the Hudson Institute's Kleptocracy Initiative, I wrote (and podcasted) about one of the next frontiers in offshoring: trusts.
“Lots of the low-hanging fruit of the offshore industry has already been [covered], or is a thing of the past,” a journalist covering the Panama Papers recently told the Kleptocracy Initiative. Now, “journalists should be looking at trusts in particular.” And as a recent report from the Tax Justice Network – “Trusts: Weapons of Mass Injustice?” – notes, many of the refinements surrounding trusts have taken place not in traditional offshore tax havens, but in places like the United States.
While little has been written thus far about the these trust regimes’ transformations into vehicles for financial secrecy, trusts may well present the next frontier for not only shielding assets from tax requirements, but for those who, like many within Mossack Fonseca’s clientele, are looking to shuffle their kleptocratic gains for more nefarious purposes.
And with The Diplomat, I looked at how Uzbekistan ended up on a recent Department of Homeland Security report on terror in the US:
All told, none of the terrorism cases relating to Uzbekistani nationals on American soil have seen any casualties. Indeed, since 1975, a total of only three refugees have conducted fatal terrorist attacks in the United States — all of which came in the 1970s, and all of which came at the hands of Cuban nationals. Accurate data certainly hasn’t stopped — or even persuaded — Trump over the first five weeks of his presidency, and there’s no reason to think he’ll stall his attempt to institute a “Muslim ban.” Still, it’s worth keeping a bit of perspective on the threat foreign nationals within the United States actually pose, especially when the majority of those tied to terrorism on U.S. soil over the past six years are natural-born Americans.