The origins of the SPAC, an acronym that has taken on a life of its own with the actual name falling into disuse, are not recent. In fact, as a concept, it's 300 years old - originating in a time of corporate malfeasance, fraud and abuse of investors.
As a vehicle, then, it's perfectly suited to be recognised by regulators who think they are being progressive.
Oh, and it's a near magical route for the expatriation of funds generated by organised crime i.e. money laundering.
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The USA's Securities and Exchange Commission has frozen the accounts of a foreign registered fund operated by two US residents. 
