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Shell companies in the U.S.—beginning of the end?

Tom Fox | July 11, 2017

If it was one thing the Panama Papers release made clear, shell companies are a problem in places other than Panama, like here in the United States for instance. One intrepid reporter, “demonstrated on video that one of its collaborators was able to form a Delaware shell company for her cat. This took only a few minutes, $249 (via credit card), and required no identification documents at all. Similarly, lax regulations exist in Montana, Nevada, and Wyoming.” Indeed, the law firm from where the Panama Papers were leaked, Mossack Fonseca, even had a branch office in Nevada, which has subsequently closed.

These gaps have led to many charges around money laundering. This has been most publicly announced by the U.S. Treasury Department’s scrutiny of real estate deals in Manhattan, Los Angeles, and Miami, particularly involving Russian money. Congress, however, now might finally... To get the full story, subscribe now.