The Paradise Papers are a huge leak of financial documents that throw light on the top end of the world of offshore finance.
As with last year’s Panama Papers leak, the Paradise Papers were obtained by the German newspaper Süddeutsche Zeitung. The paper called in the International Consortium of Investigative Journalists (ICIJ) to oversee the investigation. In addition, 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. The main company involved is Appleby. Their headquarters is located in Bermuda. The name dovetails nicely with the French term for a tax haven – paradis fiscal. In addition, the Isle of Man plays a big part.
The offshore financial affairs of hundreds of politicians, multinationals and high-net-worth individuals have been revealed.