House committee wants trust secrecy cut after Pandora Papers
SIOUX FALLS, S.D. (AP) — Democrats on a U.S. House committee are pushing to reduce the financial secrecy that has allowed many of the world’s richest and most powerful to hide their assets in South Dakota and other trust-friendly states.
During a hearing called by the Oversight Subcommittee for the House Ways and Means Committee, Democrats said they were appalled by revelations in an investigation by the International Consortium of Investigative Journalists, dubbed the Pandora Papers, that show a booming, secretive trust industry in the United States, with South Dakota leading the way.
Advocates for greater financial transparency urged House lawmakers to make sure trusts are swept into reporting requirements for law enforcement and financial regulators.