Thursday January 17, 2019
Home Lead Story Exposed! Para...

Exposed! Paradise Papers reveal Tax-haven Secrets of the Super-rich! Even Queen Elizabeth II hasn’t been spared!

The publication of this investigation for which more than 380 journalists have spent a year combing through data that stretches back 70 years comes at a time of growing global income inequality.

0
//
paradise papers
Paradise Papers expose tax haven secrets of ultra-wealthy, including Queen Elizabeth. The details come from a leak of 13.4 million files that expose the global environments in which tax abuses can thrive - and the complex and seemingly artificial ways the wealthiest corporations can legally protect their wealth. VOA

London, November 6, 2017 : A huge new leak of financial documents has revealed how the powerful and ultra-wealthy including Britain’s Queen Elizabeth II’s private estate secretly invest vast amounts of cash in different offshore tax havens, media reports said on Monday.

The details come from a leak of 13.4 million files in the Paradise Papers on Sunday that expose the global environments in which tax abuses can thrive – and the complex and seemingly artificial ways the wealthiest corporations can legally protect their wealth.

The material which has come from two offshore service providers and the company registries of 19 tax havens was obtained by the German newspaper Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists (ICIJ) with 100 other media organisations including the Guardian, the BBC and The New York Times.

Some of the revelations in the Paradise Papers include millions of pounds from Queen Elizabeth II’s private estate that has been invested in a Cayman Islands fund and some of her money that went to a retailer accused of exploiting poor families and vulnerable people.

Paradise Papers detail extensive offshore dealings by US President Donald Trump’s cabinet members advisers and donors including substantial payments from a firm co-owned by Russian President Vladimir Putin’s son-in-law to the shipping group of the US Commerce Secretary Wilbur Ross.

The leak shows how social media giants Twitter and Facebook received millions in investments that can be traced back to Russian state financial institutions along with aggressive tax avoidance by multinational corporations including Nike and Apple.

It also includes information about a tax-avoiding Cayman Islands trust managed by the Canadian Prime Minister Justin Trudeau’s chief wealth manager.

The leak also includes how some of the biggest names in the film and TV industries protect their wealth with an array of offshore schemes and the complex offshore webs used by two Russian billionaires to buy stakes in Arsenal and Everton football clubs.

The disclosures will put pressure on world leaders including Trump and British Prime Minister Theresa May who have both pledged to curb aggressive tax avoidance schemes.

The publication of this investigation for which more than 380 journalists have spent a year combing through data that stretches back 70 years comes at a time of growing global income inequality.

Offshore finance is about a place outside of one’s own nation’s regulations to which companies or individuals can reroute money assets or profits to take advantage of lower taxes reports the BBC.

These jurisdictions are known as tax havens to the layman or the more stately offshore financial centres (OFCs) to the industry. They are generally stable secretive and reliable often small islands but not exclusively so and can vary on how rigorously they carry out checks on wrongdoing. (IANS)

Next Story

Donald Trump to Unveil Missile Defence Review

The new review was conducted because "we've seen a pretty significant change to the threat environment" since 2010, CNN quoted the administration official as saying

0
Trump
Trump to unveil missile defence review. VOA

US President Donald Trump will visit the Pentagon on Thursday to unveil his administration’s long-awaited missile defence review, officials told CNN.

The officials said on Wednesday that the review is expected to embrace putting advanced sensors in space in a bid to better detect enemy missiles, allowing the US military to intercept them even earlier.

A senior administration official said that while that a space-based layer of satellite sensors “is something we’re looking at to help give early warning tracking”, the review stopped short of calling for the deployment of interceptors in space.

He said the review calls for “further studies” of space-based counter-missile technology like interceptors or lasers and does not “direct the fielding of anything or the development of anything specific”.

Trump will be accompanied by Vice President Mike Pence, National Security Adviser John Bolton, along with senior military and defence officials.

USA. government
Donald Trump. VOA

The President had initially ordered the review to be carried out in January 2017, his first month in office, but it has been long delayed. It was originally scheduled to release later that year or in February 2018.

This is the first missile defence review since former President Barack Obama’s administration carried one out in 2010.

Also Read- NASA Planning to Use Blockchain Technology For Air Traffic Management

The new review was conducted because “we’ve seen a pretty significant change to the threat environment” since 2010, CNN quoted the administration official as saying.

He said the administration was “expanding the scope of what we’re postured to defend against with this new review”, saying it focused on hypersonic and cruise missiles as well as ballistic missiles, something the previous review did not do. (IANS)