IRS investigates use of South Dakota trusts by sanctioned Russian oligarchs
Summary by NewsWall
- U.S. authorities are examining cases where Russian oligarchs bypass sanctions by concealing assets in South Dakota trusts.
- An agent from the Internal Revenue Service disclosed that assets of sanctioned individuals are hidden in trusts through dummy companies.
- According to the Pandora Papers, 206 U.S.-based trusts were identified holding over $1 billion in assets connected to 41 countries.
- Efforts by U.S. authorities to track and confiscate assets of Russian oligarchs have generated proposals to curb anonymous and illegal money flows facilitated by state laws.
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| Last Updated | Sep 18 |
| Total Articles | 4 |
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