The Cayman Islands is named in the latest data leak exposing how the ultra rich and powerful, including funds under from the Queen’s private estate, are investing offshore.
The revelations, including Russian leaks by a top US official in US President Donald Trump’s administration, were released in a breaking news story posted earlier this afternoon (5 November) on the data leak, now dubbed Paradise Papers.
Government is aware of the breaking story and are in discussions. Cayman 27 understands Financial Services Minister Hon. Tara Rivers will address the issue tomorrow, as it is a developing story at the moment.
The BBC report confirms the transactions highlighted today in the report as legal transactions and there are no breaches by the countries named, including Cayman and Bermuda.
BBC Panorama reports that more disclosures are forthcoming to expose the “tax and financial affairs of hundreds of people and companies named in the data leak.”
US President Donald Trump’s Commerce Secretary Wilbur Ross has been featured in the documents, as well as, UK’s Lord Ashcroft. The report has exposed Russian links with the US Commerce Secretary.
The data leak contains 13.4 million documents obtained from leading offshore financing firm Appleby and obtained by the German newspaper Süddeutsche Zeitung, which called in the International Consortium of Investigative Journalists (ICIJ) to oversee the investigation, according to the BBC report.
The report says the stories being released and about to be released are in the public interest and “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.”
According to the Paradise Papers about £10m ($13m) of the Queen’s private money was invested by the Duchy of Lancaster, which provides the Queen with an income and handles investments for her £500m private estate, offshore in funds in the Cayman Islands and Bermuda.
BBC Panorama is part of nearly 100 media groups investigating the papers.
Read more here: http://www.bbc.com/news/uk-41876942