The International Consortium of Investigative Journalists (ICIJ) today releases The Paradise Papers, a global investigation that reveals the offshore activities of some of the world’s most powerful people and companies.
Key findings of the Paradise Papers include:
- Reveals offshore interests and activities of more than 120 politicians and world leaders, including Queen Elizabeth II, and 13 advisers, major donors and members of U.S. President Donald J. Trump.
- Exposes the tax engineering of more than 100 multinational corporations, including Apple, Nike and Botox-maker Allergan.
- Reveals tax haven shopping sprees by multinational companies in Africa and Asia that use shell companies in Mauritius and Singapore to reduce taxes.
- Shines a light on secretive deals and hidden companies connected to Glencore, the world’s largest commodity trader, and provides detailed accounts of the company’s negotiations in the Democratic Republic of the Congo for valuable mineral resources.
- Provides details of how owners of jets and yachts, including royalty and sports stars, used Isle of Man tax-avoidance structures.
ICIJ and 95 media partners explored 13.4 million leaked files from a combination of leaked files of offshore law firms and the company registries in some of the world’s most secretive countries.
The files were obtained by the German newspaper Süddeutsche Zeitung, and shared with ICIJ.
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 leaked documents include files from the smaller, family-owned trust company, Asiaciti, and from company registries in 19 secrecy jurisdictions.
ICIJ and its media partners will be publishing stories regarding their investigation over the Paradise Papers in the coming days.
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