Paradise Papers leak reveals secrets of the world elite's hidden wealth
Files from offshore law firm show financial dealings of the Queen, big
multinationals and members of Donald Trump’s cabinet
What are the Paradise Papers? – video
The 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.
The 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.
The material, which has come from two offshore service providers and the
company registries of 19 tax havens, was obtained by the German newspaper
Süddeutsche Zeitung and shared by the International Consortium of Investigative
Journalists with partners including the Guardian, the BBC and the New York
Times.
The project has been called the Paradise Papers. It reveals:
Millions of pounds from the Queen’s private estate has been invested in a
Cayman Islands fund – and some of her money went to a retailer accused of
exploiting poor families and vulnerable people.
EXTENSIVE OFFSHORE DEALINGS BY DONALD TRUMP'S CABINET MEMBERS, ADVISERS AND
DONORS, INCLUDING SUBSTANTIAL PAYMENTS FROM A FIRM CO-OWNED BY VLADIMIR PUTIN'S
SON-IN-LAW TO THE SHIPPING GROUP OF THE US COMMERCE SECRETARY,WILBUR ROSS.
A previously unknown $450m offshore trust that has sheltered the wealth of
Lord Ashcroft.
Aggressive tax avoidance by multinational corporations, including Nike and
Apple.
How some of the biggest names in the film and TV industries protect their
wealth with an array of offshore schemes.
The billions in tax refunds by the Isle of Man and Malta to the owners of
private jets and luxury yachts.
The secret loan and alliance used by the London-listed multinational
Glencore in its efforts to secure lucrative mining rights in the Democratic
Republic of the Congo.
The complex offshore webs used by two Russian billionaires to buy stakes in
Arsenal and Everton football clubs.
The 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.
The 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.
Meanwhile, 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 this week.
“Tax havens are one of the key engines of the rise in global inequality,” he
said. “As inequality rises, offshore tax evasion is becoming an elite sport.”
At 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 Fonseca, the discredited firm at the centre of
last year’s Panama Papers investigation, Appleby prides itself on being a
leading member of the “magic circle” of top-ranking offshore service providers.
It acted for the establishment offshore, providing the structures that helped
to legally reduce their tax bills.
Appleby says 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.”
https://www.theguardian.com/news/2017/nov/05/paradise-papers-leak-reveals-secrets-of-world-elites-hidden-wealth
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