How the US became one of the world's biggest tax havens

A massive leak of confidential documents from Mossack Fonseca, a law firm in Panama that helped wealthy clients set up anonymous companies in tax havens, is highlighting how the global offshore industry secretly invests massive amounts of wealth around the globe But one of the least recognized facts about the global offshore industry is that much of it, in fact, is not offshore.
Indeed, some critics of the offshore industry say the U.S. is now becoming one of the world’s largest “offshore” financial destinations Part of the reason that the U.S. looks so attractive as a tax and secrecy haven is that the country has not signed on to new global disclosure standards that are forcing anonymous companies to reveal their real owners around the world.