Inside America’s Race to Hide the World’s Money
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The Bottom Line
US trusts, an industry worth trillions, are exploited by wealthy investors for financial secrecy.
How This Affects You
Wealthy individuals use trusts to hide money, impacting global financial transparency and tax evasion efforts.
AI Summary
The United States has become a hotspot for financial secrecy, with trusts now an industry worth trillions of dollars. Silicon Valley entrepreneur Alessandro Chesser, 40, is outraged by how wealthy investors use trusts to hide money and wants to make them more accessible to average Americans. Trusts, which can last forever and have no public registry, are a primary reason watchdog groups consider America the most secretive financial jurisdiction globally. This week on Reveal, journalists Sally Herships and Leah McGrath Goodman investigate America’s shadowland of trusts as US states race to become the most trust-friendly jurisdictions.
What's Being Done
Journalists investigate America’s shadowland of trusts as states race for trust-friendly status.
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