How to Hide $400,000,000 in the Huge Worldwide Offshore Financial System
One of the readers of my blog sent me this really interesting article. As technology advances it has become more difficult for people to hide money. However after reading this article it appears that it is still possible to hide large sums of money in the huge worldwide offshore financial system.
Please read this outstanding and very interesting article from the New York Times Magazine (below).
This is one of the most fascinating and well written articles I have ever read.
But even as Pursglove was repacking her suitcase for the flight home, her family’s fortune was vanishing into an almost impenetrable array of shell companies, bank accounts and trusts, part of a worldwide financial system catering exclusively to the very wealthy. In recent decades, this system has become astonishingly effective at “offshoring” wealth — detaching assets, through complex layers of ownership and legal planning, from their actual owners, often by hiding them in another country. Created by lawyers, accountants and private bankers and operating out of a global archipelago of European principalities, former British colonies and Asian city-states, the system has one main purpose: to make the richest people in the world appear to own as little as possible.