In March 2017, ahead of Ecuador’s second-round presidential election, CEPR reported that Florida-based shell companies linked to then-candidate Guillermo Lasso owned 144 properties in Broward and Miami-Dade counties valued at over $30 million. In that election, voters approved a referendum barring politicians and civil servants from holding assets in tax havens and giving them one year to divest or transfer their holdings. Though Florida is not included among the list of tax havens, it is considered a “low tax jurisdiction,” which authorities will handle on a case-by-case basis.
Four years later, Ecuador is again headed to a second-round presidential vote, with Lasso on the ballot. While additional layers of anonymity have been introduced in order to further hide...
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