POL_S 101 Lecture Notes - Lecture 18: Panama Papers, Shell Corporation
Document Summary
The key players in economic policy making: treasury department. In general, treasury: manages federal finances, collects taxes (and prosecutes tax evaders, produces money (currency and coinage, supervises the national banks, advises on all kinds of economic policy, enforces federal finance and tax laws. Only exists on paper that you can create with the right lawyer. Creates a buffer between you and what you want to achieve: prohibits transparency. So instead of you buying a mansion in malibu for millions of dollars, your shell company buys it so the realtor really doesn"t know who is buying the mansion. Really easy to create especially in the us. A lot of wealthy people have set up with banks full knowing even though they deny it the ability to launder money all over the world.
