In 1997, Mexico led the charge — blacklisting such traditional tax havens as the Cayman, Channel and Cook islands. Suddenly Mexicans were forced to disclose to their government when they placed assets in financial structures (trusts, companies, partnerships, etc.) in “outlaw” countries. Venezuela quickly followed Mexico's example, prompting others, including Argentina and Brazil, to enact similar lists. One rather ironic result of these Latin American countries' maneuvers has been to make ...

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