EDITION: US | UK | Canada
Thecapitalpost.com - Breaking, International, Business, Sports, Entertainment, Technology and Video NewsThecapitalpost.com - Breaking, International, Business, Sports, Entertainment, Technology and Video News
Sign In|Sign Up
 
 
Bridging The Gap
Paradise Papers: Tax haven secrets of ultra-rich exposed
  Sunday 05 November, 2017
Paradise Papers: Tax haven secrets of ultra-rich exposed

A huge new leak of financial documents has revealed how the powerful and ultra-wealthy, including the Queen's private estate, secretly invest vast amounts of cash in offshore tax havens.

Donald Trump's commerce secretary is shown to have a stake in a firm dealing with Russians sanctioned by the US.

The leak, dubbed the Paradise Papers, contains 13.4m documents, mostly from one leading firm in offshore finance.

BBC Panorama is part of nearly 100 media groups investigating the papers.

As with last year's Panama Papers leak, the documents were obtained by the German newspaper Süddeutsche Zeitung, which called in the International Consortium of Investigative Journalists (ICIJ) to oversee the investigation. The Guardian is also among the organisations investigating the documents.

Follow the latest reaction here

Sunday's revelations form only a small part of a week of disclosures that will expose the tax and financial affairs of some of the hundreds of people and companies named in the data, some with strong UK connections.

Many of the stories focus on how politicians, multinationals, celebrities and high-net-worth individuals use complex structures of trusts, foundations and shell companies to protect their cash from tax officials or hide their dealings behind a veil of secrecy.

The vast majority of the transactions involve no legal wrongdoing.

Other key stories being released on Sunday are:

A key aide of Canada's PM has been linked to offshore schemes that may have cost the nation millions of dollars in taxes, threatening to embarrass Justin Trudeau, who has campaigned to shut tax havens. Read the full story here
Lord Ashcroft, a former Conservative party deputy chairman and a significant donor, may have ignored rules around how his offshore investments were managed. Read the full story here Other papers suggest he retained his non-dom status while in the House of Lords, despite reports he had become a permanent tax resident in the UK. Read the full story here
How questions were raised about the funding of a major shareholding in Everton FC. Read the full story here
The papers suggest oligarch Alisher Usmanov may influence due diligence checks on his own firms. Read the full story here

The other media partners may be covering different stories affecting their regions.
How is the Queen involved?

The Paradise Papers show that about £10m ($13m) of the Queen's private money was invested offshore.

It was put into funds in the Cayman Islands and Bermuda by the Duchy of Lancaster, which provides the Queen with an income and handles investments for her £500m private estate.

There is nothing illegal in the investments and no suggestion that the Queen is avoiding tax, but questions may be asked about whether the monarch should be investing offshore.

There were small investments in the rent-to-buy retailer BrightHouse, which has been accused of exploiting the poor, and the Threshers chain of off-licences, which later went bust owing £17.5m in tax and costing almost 6,000 people their jobs.

The Duchy said it was not involved in decisions made by funds and there is no suggestion the Queen had any knowledge of the specific investments made on her behalf.

The Duchy has in the past said it gives "ongoing consideration regarding any of its acts or omissions that could adversely impact the reputation" of the Queen, who it says takes "a keen interest" in the estate.

Source: http://www.bbc.com/news/uk-41876942

Bookmark and Share
 
Post Your Comments:
Name :
*
City / State:
*
Email address:
*
Type your comments:
*
Enter Security Code:   


 Latest News »
 
  Republican tax overhaul clears...
  Trump says he believes intelli...
  Trump cracks down on U.S. busi...
  Trump wings way to Asia to tal...
  Trump tweets condolences in NY...
  Trump sees 'great spirit' for ...
  Trump campaign spends more tha...
  Trump to resume tax cut push i...
  After Las Vegas tragedy, Trump...
  At least 20 dead, more than 10...
  How President Trump's tax plan...
  Trump praises Sen. Luther Stra...
  Trump says he's made a decisio...
  President Trump pays tribute t...
  Trump to spend weekend at Camp...
  Trump: Hurricane Harvey recove...
  Hurricane Irma forms in Atlant...
  Texas has 53,488 bridges. Here...
  Here are the worst hurricanes ...
  Cautioning against 'hasty' pul...
 

Current Conditions:
Mostly Clear

<
Current Conditions:
Mostly Clear

Forecast:
Mon - Sunny. High: 52Low: 37
Tue - Partly Cloudy. High: 59Low: 39
Wed - Partly Cloudy. High: 52Low: 37
Thu - Mostly Sunny. High: 44Low: 31
Fri - Sunny. High: 51Low: 30

Full Forecast at Yahoo! Weather



Washington, DC

  ©2010 The Capital Post. All rights reserved.