Paradise Papers. Secrets of the Global Elite

Author (Corporate)
Publication Date 05/11/2017
Content Type

Further information:

The Paradise Papers documents include nearly 7 million loan agreements, financial statements, emails, trust deeds and other paperwork over nearly 50 years from inside Appleby, a prestigious offshore law firm with offices in Bermuda and beyond.

The documents reveal offshore interests and activities of more than 120 politicians and world leaders, including Queen Elizabeth II and different individuals connected to US President Donald Trump.

The files were obtained by the German newspaper Süddeutsche Zeitung, and shared with ICIJ.

Background information:

The Consortium explains that secrecy is key for existing tax havens, where offshore locales create and oversee companies that often are difficult, or impossible, to trace back to their owners. It adds that, while having an offshore entity is often legal, the built-in secrecy attracts money launderers, drug traffickers, kleptocrats and others who want to operate in the shadows. Offshore companies, often 'shells' with no employees or office space, are also used in complex tax-avoidance structures that drain billions from national treasuries.

The ICIJ was also behind the Panama Papers in 2016.

The International Consortium of Investigative Journalists (ICIJ) published in November 2017 the results of an investigation which analysed millions of documents from two offshore services firms as well as from 19 corporate registries.

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Related Link(s)
ICIJ: Offshore Trove Exposes Trump-Russia links and Piggy Banks of the Wealthiest 1 Percent
EurActiv, 06.11.17: ‘Paradise Papers’ embarrass US trade chief, Queen Elizabeth, and counting
Deutsche Welle, 05.11.17: Paradise Papers expose tax evasion schemes of global elite
BBC News, 05.11.17: Paradise Papers: Your guide to four years of offshore revelations
The Guardian: Series: Paradise Papers
The New York Times, 05.11.17: Commerce Secretary’s Offshore Ties to Putin 'Cronies'
BBC News, 06.11.17: Paradise Papers: Queen's private estate invested £10m in offshore funds
RTÉ, 06.11.17: Bono used Malta-based firm to invest in Lithuanian shopping centre
EUObserver, 06.11.17: EU states obstructing tax transparency
EUObserver, 06.11.17: Malta denies secrecy in 'Paradise Papers' leak
EUObserver, 07.11.17: EU commission wants 'credible' tax haven blacklist
Euro|topics: Paradise Papers: how to combat tax avoidance?

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