A major new leak of documents from two offshore services firms Appleby and Asiaciti Trust, respectively based in Bermuda and Singapore, as well as from the company registries of 19 jurisdictions offering favorable taxes, exposes potentially illicit activities of numerous high-standing officials and companies. The disclosure of 13,4 million documents, the biggest leak since the Panama Papers, contains reputational and related financial risks to companies subject to strict compliance regulations, notably in France and in Switzerland.
The Paradise Papers consist of documents and extracts obtained by the German newspaper Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists. The project traces the ties and relations between specific individuals or companies using covert offshore schemes to conceal a part of their investment activities or property. The authors behind the Paradise Papers claim that the disclosure of documents does not necessarily uncover illicit behaviour of specific individuals. However, the very nature of this project clearly implies a dubious character of activities involving tax havens with semi-transparent and non-transparent public registries.
The information retrieved from the documents has been gradually integrated within the scope of the analytical research conducted by the analysts of Global Risk Profile. Our investigative team has been consistently checking the offshore background of individuals and companies with special focus on the International Consortium of Investigative Journalists’ database, including Offshore Leaks and Panama Papers. This source is now complemented by the Paradise Papers.
The resonance of these revelations in the press is a distinct reputational risk, even if the documents do not prove that an individual or a company violated laws or regulations. Allegations appearing in the media are also carefully analyzed and summarized in the designated sections of the reports we produce.
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