The Paradise Papers are a huge leak of financial documents that throw light on the top end of the world of offshore finance.
A number of stories are appearing in a week-long expose of how politicians, multinationals, celebrities and high-net-worth individuals use complex structures to protect their cash from higher taxes.
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. BBC Panorama and the Guardian are among the nearly 100 media groups investigating the papers.
The Paradise Papers name was chosen because of the idyllic profiles of many of the offshore jurisdictions whose workings are unveiled, including Bermuda, the HQ of the main company involved, Appleby. It also dovetails nicely with the French term for a tax haven – paradis fiscal. Then again, the Isle of Man plays a big part…
Article from the “BBC”
