A new document leak by the group behind the Panama Papers reveals how the world’s rich and famous are using secretive tax havens.
Dubbed the Paradise Papers, the leak consists of 13.4 million files and exposes the “complex and seemingly artificial ways the wealthiest corporations can legally protect their wealth”.
The files were first obtained by the German newspaper Süddeutsche Zeitung, and were shared by the International Consortium of Investigative Journalists.
Publications which have joined to report on the Paradise Papers include The Guardian and the New York Times.
Prominent findings which come from the Paradise Papers include:
- Twitter and Facebook received hundreds of millions of dollars in investments linked to Russian state financial institutions.
- Multinational corporations like Nike and Apple are involved in big tax avoidance schemes.
- Wealthy people involved in the film and TV industries use offshore schemes to protect their wealth.
- Canadian prime minister Justin Trudeau’s chief fundraiser and senior adviser involved in moving large sums to offshore havens.
“The disclosures will put pressure on world leaders, including Trump and Theresa May, who have both pledged to curb aggressive tax avoidance schemes,” said The Guardian.