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The offshore trust deal thrives.
Modern offshore trusts are quasi-agencies designed to buttress protection of the settlor and her business partner (the trustee). Over time, the trinity of settlor-trustee-beneficiary and the focus of traditional trust law—strictly for the advantage of the beneficiary—have been significantly eroded by rules frustrating creditors and promoting a general culture of paternalism and posthumous tyranny.
Claims elsewhere lawful are routinely defeated by exotic conflict and jurisdictional rules. Anti-money laundering and proceeds of crime legislation, together with tax information exchange agreements (TIEAs), have been curiously ineffective in altering the statutory landscape.
The French have cottoned on to the ...
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