Papers leak reveals secrets of world elite's hidden wealth
from offshore law firm show financial dealings of the Queen, big
multinationals and members of Donald Trump’s cabinet
the Paradise Papers? – video
world’s biggest businesses, heads of state and global figures in
politics, entertainment and sport who have sheltered their wealth in
secretive tax havens are being revealed this week in a major new
investigation into Britain’s offshore empires.
details come from a leak of 13.4m files that expose the global
environments in which tax abuses can thrive – and the complex and
seemingly artificial ways the wealthiest corporations can legally
protect their wealth.
material, which has come from two offshore service providers and the
company registries of 19 tax havens, was obtained by the German
and shared by the International Consortium of Investigative
Journalists with partners including the Guardian, the
New York Times.
project has been called the Paradise Papers. It reveals:
disclosures will put pressure on world leaders, including Trump and
the British prime minister, Theresa May, who have both pledged to
curb aggressive tax avoidance schemes.
publication of this investigation, for which more than 380
journalists have spent a year combing through data that stretches
back 70 years, comes at a time of growing global income inequality.
multinational companies are shifting a growing share of profits
offshore – €600bn in the last year alone – the leading
economist Gabriel Zucman will reveal in a study to be published later
world’s (second) biggest data leak
The Panama Papers, 2016
HSBC files, 2015
Luxembourg tax files,
havens are one of the key engines of the rise in global inequality,”
he said. “As inequality rises, offshore tax evasion is becoming an
the centre of the leak is Appleby, a law firm with outposts in
Bermuda, the Cayman Islands, the British Virgin Islands, the Isle of
Man, Jersey and Guernsey. In contrast to Mossack
the discredited firm at the centre of last year’s Panama
Appleby prides itself on being a leading member of the “magic
circle” of top-ranking offshore service providers.
acted for the establishment offshore, providing the structures that
helped to legally reduce their tax bills.
it has investigated all the allegations, and found “there is no
evidence of any wrongdoing, either on the part of ourselves or our
clients”, adding: “We are a law firm which advises clients on
legitimate and lawful ways to conduct their business. We do not
tolerate illegal behaviour.”