A 73-year-old woman from Texas has pleaded guilty to conspiring to defraud the US by using accounts in Delaware and Panama to conceal more than $1.3m (£1m, €1.16m) in royalty income she earned from oil wells.
US states including Delaware and Nevada are bucking a trend that has seen the number of new tax shelters drop by a third globally, according to one of the co-founders of Mossack Fonseca, the law firm at the epicentre of the Panama Papers fallout.
The Cayman Islands will not adopt a mechanism for the exchange of beneficial ownership information that is not agreed by the US, Cayman Islands’ premier Alden McLaughlin said.
Cayman Islands has introduced limited liability company (LLC) legislation that combines the key features of a company and a partnership, intended to increase the structuring options for US investment funds.
