But the invention of offshore finance by bankers in London and Switzerland in the 1950s changed that, he says.

“You didn’t need to put money in a hole in the ground any more, you could steal it, stash it, and then miraculously they liberated it, they set it free — and then you could spend it,” Bullough says.

Now, the super-rich grow nest eggs and siphon funds into offshore tax havens, and corruption inflicts damage on political and democratic institutions across the world.

via Understanding ‘Moneyland’ — the offshore world of the super-rich – Politics – ABC News (Australian Broadcasting Corporation)