PIERRE, S.D. (AP) — South Dakota’s reputation as a destination for the wealthy to store billions of dollars in trust funds has long had the blessing of the state Legislature.
The state’s roll was revealed in detail this week by a massive document trove called the “Pandora Papers.” The International Consortium of Investigative Journalists report shows that in addition to the familiar offshore destinations, there were 81 secret accounts set up in South Dakota.
The legislature passes an annual bill supporting the industry, following updates by a task force that holds unadvertised meetings to discuss trust laws around the world.
South Dakota Public Broadcasting reports there are 105 independent trust companies in the state, as well as state-chartered banks employing about 500 people.