Huge Leak: What You Should Know About Paradise Papers (Updated)

Infographic: The Scale Of The Paradise Papers Leak | Statista

This chart shows the world’s largest data leaks

Hottest issues (Updated):

  • Apple company moved to Jersey holds $252 billion in offshore cash.
  • U2 frontman Bono was an investor in Nude Estates, a company in low-tax Malta, and he used the company to buy part of a shopping centre in Lithuania in 2007.
  • The British Queen’s private investments in a Cayman Islands fund.
  • Offshore deals of the US Commerce Secretary Wilbur Ross with a company that works with Russians who are under US sanctions.
  • Twitter and Facebook’s investments that have connections to Russian state financial institutions.
  • The tax-avoiding Cayman Islands trust managed by the Canadian prime minister Justin Trudeau’s chief moneyman.
  • Tax avoidance by multinational corporations, including Nike and Apple.

The leak’s source

Offshore is a zone outside of the legislative regulation of any country, and where companies or individuals transfer money, wealth or profits in order to reduce taxes.

Files from offshore law firm show financial dealings of the Queen, big multinationals and members of Donald Trump’s cabinet in a major new investigation into Britain’s offshore empires.

The leak was called the Paradise Papers and it exposed 13.4m files mostly owned by one leading offshore company Appleby. It is a law firm with outposts in Bermuda. Appleby helps clients set up their business in foreign jurisdictions to pay the smallest taxes or not pay them at all.

Appleby responded it has investigated all the allegations and found “there is no evidence of any wrongdoing, either on the part of ourselves or our clients”.

“We are a law firm which advises clients on legitimate and lawful ways to conduct their business. We do not tolerate illegal behavior,” they added.

The documents were obtained by the German newspaper Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists together with the Guardian, the BBC and the New York Times.

Already released information is just a beginning as within a week it is announced to reveal the taxes and financial arrangements of hundreds of people and companies whose names are mentioned in the documents received. Many stories focus on how politicians, multinational corporations, celebrities, and rich people use sophisticated funds, and “single-day companies” layouts to avoid taxes.

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