For a century, wealth could hide behind paper. Then the world learned to look through it.
A numbered account in Switzerland. A company in the British Virgin Islands. A trust in Jersey. A foundation in Liechtenstein. For decades, legal structures and national borders created walls that tax authorities could rarely see through.
Then the rules changed.
FATCA, the Common Reporting Standard, beneficial ownership registers and the OECD's BEPS project transformed the international financial system. Governments stopped asking only what the documents said and began asking who really controlled the assets, where the profits really arose, and what was actually happening behind the structure.
Paper Walls tells the story of how offshore secrecy was built, how it became a global industry, and how-within little more than a decade-much of it was dismantled.
The structures remain.
The walls no longer hide what lies behind them.
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