Global Witness spokespeople and background briefings available
Leaked documents published today by the International Consortium of Investigative Journalists expose how offshore tax havens, white-collar professionals, and anonymous company owners hide their finances behind a veil of secrecy. The documents from Bermuda-based law firm Appleby include evidence of dubious deals and holdings involving the Queen of England, Canadian Prime Minister Justin Trudeau’s chief fundraiser, and Trump appointed U.S. Commerce Secretary Wilbur Ross.
According to the documents, Wilbur Ross used a constellation of companies, some with their ownership undisclosed. The companies were set up by Appleby to retain shares in Navigator Holdings, a shipping firm with business ties to a Russian oligarch subject to American sanctions.
Ross’ stake has received more than $68 million in revenue since 2014 from Sibur, a Russian energy company co-owned by the son-in-law of Russian President Vladimir Putin. The documents also report that Appleby has administered some 50 companies and partnerships set up in the Caymans and other tax havens that are connected to Ross, whose net worth is estimated to be more than $2 billion dollars.
“This is yet another instance of conflicts of interest within the Trump administration. Wilbur Ross influences US trade and sanctions, yet he is still making millions from a Russian company that could be targeted by these decisions. This is highly problematic for an administration at the center of investigations into collusion with the Russian state,” said Mark Hays, Anti Money Laundering Campaign Leader at Global Witness.
The deals outlined in the Paradise Papers underscore the importance of transparency measures, such as Beneficial Ownership Transparency legislation [S. 1454, S. 1717, and H.R. 3089] , which would help prevent public officials and companies involved in potentially criminal or corrupt activities from using the offshore system to hide their dealings behind a veil of secrecy.
“This new leak demonstrates once again how it’s all too easy to use anonymous companies to game the system.” said Hays.
Notes to editor:
- Appleby states it has thoroughly and vigorously investigated the Paradise Papers allegations and is satisfied that there is no evidence of any wrongdoing by themselves or their clients.
You might also like
Corruption & Money Laundering, Anonymous Companies
The Paradise Papers
The ‘Paradise papers’ revelations shine a fresh light on how the secrecy for sale in tax havens facilitates tax evasion, organised crime and corruption.
Anonymous Companies, Corruption & Money LaunderingPress release
Paradise Papers pile pressure on EU anti-money laundering negotiations
ICIJ's 'Paradise Papers' leak piles huge pressure on the EU to finally crack down on corporate secrecy, corruption and money laundering ahead of crucial negotiations in Brussels next week.
Corruption & Money LaunderingPress release
Paradise Papers: FTSE100 company Glencore’s secret offshore dealings exposed in revelations
Among those in the 'Paradise Papers' spotlight, one corporate behemoth stands out: Glencore, a FTSE100 company that is the world’s biggest commodities trader.