Just when the Panama Papers are about to rest, thus emerges the “Paradise Papers” – The Paradise Papers – Secrets Of The Global Elite
Courtesy:- International Consortium of Investigative Journalists
The Paradise Papers are a set of 13.4 million leaked documents relating to offshore investment. Among those whose financial affairs are mentioned are Queen Elizabeth II, and US Secretary of Commerce Wilbur Ross.
The documents were acquired by the Süddeutsche Zeitung, which was also the newspaper which obtained the Panama Papers in 2016. The Süddeutsche Zeitung contacted the International Consortium of Investigative Journalists (ICIJ) which has been investigating the documents, together with 100 media partners.
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 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.