A year after a massive leak exposed the financial dealings of many high-profile individuals in the Panama Papers, the offshore accounts of a new batch of politicians, celebrities and more are being scrutinized.
The Paradise Papers, published earlier this month, are the result of investigations into millions of records received by the German newspaper Suddeutsche Zeitung and analyzed in partnership with the International Consortium of Investigative Journalists, or ICIJ. The leaked documents include records from the offshore law firm Appleby, corporate services provider Estera and corporate registries mostly in the Caribbean. As ICIJ points out, there are valid and legal reasons for offshore financial dealings. But they can also disguise tax evasion. Here are some of the top global leaders connected to offshore accounts in the Paradise Papers.
Queen of England
In 2005, about $7.5 million from Queen Elizabeth II’s private estate was invested in offshore accounts, according to ICIJ. The queen is not required to disclose her personal wealth and voluntarily pays taxes on income from the investments in the U.K. However, these investments have been linked to a household goods company that hits disadvantaged Britons with interest rates of up to 99.9 percent on payment plans. A spokeswoman for the queen reportedly said that the queen did not know of this connection.
President of Colombia
Juan Manuel Santos was a member of former Colombian President Cesar Gaviria’s administration in the early 1990s. Santos, along with many members of the Gaviria family and administration, were listed as directors of a tax-exempt insurance company founded in Barbados in 1998. Santos reportedly said he resigned from the offshore board position before he became Colombia’s finance minister in 2000. Colombia is viewed as one of the five most corrupt countries, according to U.S. News Best Countries data.
Queen of Jordan
Queen Noor of Jordan, step-mother of the current king of Jordan, is the beneficiary of nearly $60 million in trusts based in the U.K.‘s Channel Islands, according to ICIJ. The former prime minister of Jordan, Ali Abul-Ragheb, was identified as the director of offshore companies in the British Virgin Islands and Seychelles in the Panama Papers leak in 2016.
Former Canadian Prime Ministers
Three former Canadian Prime Ministers — Paul Martin, Jean Chretien and Brian Mulroney — were connected to offshore companies in Bermuda and Mauritius. Mulroney, in particular, was listed as a director of a company controlled by Wafic Said, a businessman involved in a controversial oil-for-arms deal between the U.K. and Saudi Arabia.
U.S. Cabinet
U.S. Secretary of Commerce Wilbur Ross was a “major client” of the offshore law firm connected to the leak, according to ICIJ. Since his appointment to Trump’s cabinet, he has retained stakes in a private equity firm whose major clients include a Russian company with “close ties to the Kremlin.” In addition, Secretary of State Rex Tillerson was also identified as director of an oil and gas operations company based in Bermuda between 1997 and 1998 when he was president of Exxon Yemen. Former Secretary of Commerce Penny Pritzker and former presidential candidate Wesley Clark were also connected to offshore accounts by ICIJ.
Want to Know More?
Read an analysis of what the Paradise Papers reveal, discover the Most Transparent Countries and check out the U.S. News Best Countries site for more news, data and analysis.
More from U.S. News
‘Paradise Papers’ Tax Practices Are Dying Out, OECD Boss Gurria Says
What the Paradise Papers Reveal About Global Business and Political Elites
10 Most Corrupt Countries, Ranked By Perception
Finland Tops the List of Most Transparent Countries, Survey Finds
5 Countries With Leaders Identified in the Paradise Papers originally appeared on usnews.com
