Summary

  • The leak, dubbed the Paradise Papers, contains 13 million documents

  • Prince Charles' offshore financial interests revealed in latest wave of stories

  • Tax affairs of British island territories under the spotlight

  • US tech firm Apple has secret tax bolthole in Jersey, papers reveal

  • EU finance ministers call for a blacklist of tax havens

  • Trump's commerce secretary selling shares in firm with links to Russia

  1. That's everything for nowpublished at 21:25 Greenwich Mean Time 5 November 2017

    We're letting our live coverage end for now but we will be back with more in the morning.

    Here's what happened so far:

    • There has been a massive leak of documents, mostly from one leading financial law firm based in Bermuda
    • The 13.4 million documents shed light on how the super-rich and powerful of the world hide their wealth to avoid paying tax
    • In the US, Wilbur Ross, commerce secretary in Donald Trump's administration, has business links with Russian allies of President Vladimir Putin who are under US sanctions
    • In Canada, Stephen Bronfman, chief fundraiser for Prime Minister Justin Trudeau's party is linked to offshore schemes that may have cost the nation millions of dollars in taxes
    • About £10m of Queen Elizabeth II's private money was invested offshore
    • Questions have been raised about the funding of a major shareholding in Everton Football Club

    You can explore all the BBC's stories in one place here and if you're in the UK you can watch BBC Panorama's special edition on the leaks here.

    And there are plenty more stories to come from this through the week so stay tuned.

  2. Usmanov's due diligence role queriedpublished at 21:24 Greenwich Mean Time 5 November 2017

    An oligarch with close links to the Kremlin may have secretly taken ownership of a company responsible for anti-money laundering checks on Russian cash, the Paradise Papers show.

    Isle of Man-based Bridgewaters should conduct independent due diligence tests on firms it administers, including dozens linked to Alisher Usmanov.

    If he owns or controls the firm it would be a clear conflict of interest.

    He and Bridgewaters strongly deny it is owned or controlled by the Russian.

  3. Name mix-uppublished at 20:53 Greenwich Mean Time 5 November 2017

    With every big story, it seems there's someone mixed up in things on Twitter just by virtue of having the same name.

    It's happened John Lewis, an American man who is not a UK department store, and Jon Jones who is an author and games developer not an MMA fighter who failed a drugs test.

    It looks like it's now time for this shop in Florida to see its notifications go crazy.

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  4. Tax havens 'like captured states'published at 20:52 Greenwich Mean Time 5 November 2017

    Investigative journalist Nicholas Shaxson on why tax havens are "like captured states".

    Mr Shaxson specialises in reporting on tax havens.

    There is very little accountability, he says, and little regard for citizens of other countries who might be affected by the setup through a loss of money in their country's economic system.

    Media caption,

    Paradise Papers: ‘Tax havens are like captured states’

  5. Postpublished at 20:34 Greenwich Mean Time 5 November 2017

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  6. UK tax dodging clampdown 'secures £160bn'published at 20:31 Greenwich Mean Time 5 November 2017

    Questions about the UK government's efforts to tackle tax avoidance have been raised in the aftermath of the Paradise Papers leak. But ministers say that measures taken against avoidance, evasion and non-compliance since 2010 have achieved results.

    A spokeswoman said an additional £160bn has been secured for public services.

    She said: "This includes more than £2.8bn from those trying to hide money abroad to avoid paying what they owe.

    "There are 26,000 HMRC staff tackling tax avoidance and evasion, and we have provided an extra £800m to fund their efforts.

    "A fair tax system is a critical and key part of our plan to build a fairer society, and we are clear that everyone must pay what is due, at the right time."

  7. When does a leak become a flood?published at 20:12 Greenwich Mean Time 5 November 2017

    There is a lot of information in the Paradise Papers, which hundreds of journalists have been working their way through.

    It's not the first leak of its kind in recent years. You probably remember the Panama Papers, and Edward Snowden, and Wiikileaks - what about Luxleaks in 2014?

    Here's your guide to the past four years of finance leaks.

    Graphic titled How big is the Paradise Papers leak? How the data compares showing circles indicating much bigger size of Panama Papers than others
  8. Twitter reactspublished at 20:09 Greenwich Mean Time 5 November 2017

    There are a lot of stories and a lot of documents in this leak for people to get through - but here's a flavour of the first reaction from some people on Twitter.

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  9. Behind the scenes with investigative journalistspublished at 20:04 Greenwich Mean Time 5 November 2017

    More than 13 million documents, mostly from one offshore finance firm, Appleby, were obtained by the German newspaper Süddeutsche Zeitung.

    It called in the International Consortium of Investigative Journalists (ICIJ) to co-ordinate the investigation and behind the scenes, in absolute secrecy, hundreds of journalists got to work.

    You can meet some of the Süddeutsche's journalists in this video, external, where they talk about the process.

  10. 'British taxpayers will be rightly outraged'published at 19:53 Greenwich Mean Time 5 November 2017

    Meg Hillier, Labour Member of Parliament for Hackney South and ShoreditchImage source, The Labour Party

    Meg Hillier MP, Chair of the UK's House of Commons Public Accounts Committee, has reacted to the disclosures:

    Quote Message

    British taxpayers will be rightly outraged by the content of these disclosures. Every pound moved offshore to avoid paying tax deprives public services of vital funds. The government talks tough about clamping down on aggressive tax avoidance but once again we see HM Revenue & Customs being outmanoeuvred. HMRC must investigate the very worrying allegations arising from this leak.

    Meg Hillier, Labour MP and chair of the House of Commons Public Accounts Committee

    She added that senior HMRC officials would be going before her committee on Monday and it would be expecting "frank answers" on what HMRC intends to do.

  11. Defences for offshore financepublished at 19:30 Greenwich Mean Time 5 November 2017

    The offshore financial centres (OFC) of the world may come up against criticism but in response they say that if they did not exist, there would be no constraint on taxes governments might levy.

    They say they do not sit on hoards of cash, but act as agents that help pump money around the globe.

    Bob Richards, who was Bermuda's finance minister when Panorama interviewed him for its programme, said it was not up to him to collect other nations' taxes and that they should sort themselves out.

    Both he and Howard Quayle, the chief minister for the Isle of Man, who was also interviewed for Panorama and whose Crown dependency plays a big part in the leaks, denied their jurisdictions could even be considered tax havens as they were well regulated and fully conformed to international financial reporting rules.

    The firm at the centre of the leak, Appleby, has itself said OFCs "protect people victimised by crime, corruption, or persecution by shielding them from venal governments".

  12. 'Embarrassing' for the Queenpublished at 19:26 Greenwich Mean Time 5 November 2017

    "If the money has been invested in a tax haven, I would have thought it would be extremely embarrassing for the Queen and the Royal Family," says David McClure, who writes about royal finances, in an interview with the BBC.

    "We expect higher standards of the Queen in terms of where the investments are located."

    Her private estate has invested £10m offshore, the leak reveals.

  13. Should we care about offshore finance?published at 19:20 Greenwich Mean Time 5 November 2017

    Well, it is a lot of cash. The Boston Consulting Group says $10tn (£7.65tn) is held offshore. That's about the equivalent of the gross domestic products of the UK, Japan and France - combined. It may also be a conservative estimate.

    Critics of offshore say it is shrouded in secrecy - which opens the door to wrongdoing - and inequality. They say the action of governments to curb it has often been slow and ineffective.

    It's also about the mega-rich, because the schemes' fees are so high.

    Graph showing just 0.01offshore wealth
  14. The company at the heart of the leakpublished at 19:19 Greenwich Mean Time 5 November 2017

    Graphic reads What is Appleby? The company at the centre of the leak/ 470 employees/ 200 lawyers/ 60 partners/ One of the wold's largest offshore law firms, advising companies, financial institutions and the wealthy/ Operating from 10 offices: Isle of Man, Guernsey, Jersey, Bermuda, British Virgin Islands, Cayman Islands, Shanghai, Hong Kong, Seychelles, Mauritius/ More than 125 years of business/ 1890s Major Reginald Appleby starts law practice in Bermuda/ Series of mergers and acquisitions, offices opened across the world/ 2016 Ranked as one of the world's largest providers of offshore legal services

    Graphic titled Countries Appleby's clients are connected to/ Addresses from master database 1950-2014. Includes residential and business addresses, nationality, birthplace and passport details. Canada 3,176. US 31,180. Cayman Islands 8,640. British Virgin Islands 2,166. Bermuda 12,017. Isle of Man 3,054. UK 14,434. Switzerland 2,363. China 5,924. Hong Kong 7,065
  15. 'Here we go' says Panama Papers stalwartpublished at 19:08 Greenwich Mean Time 5 November 2017

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    Bastian Obermayer was one of the main figures at Germany's Süddeutsche Zeitung to work on the Panama Papers leak a few years back.

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    His colleague Frederick Obermaier (their names are pronounced the same, so they got the nickname "the brothers") was already tweeting about it earlier today.

  16. Where does the leak come from?published at 19:07 Greenwich Mean Time 5 November 2017

    Most of the data comes from a company called Appleby, a Bermuda-based legal services provider at the top end of the offshore industry, helping clients set up in overseas jurisdictions with low or zero tax rates.

    Its documents, and others mainly from corporate registries in Caribbean jurisdictions, were obtained by German newspaper Süddeutsche Zeitung. It has not revealed the source.

    The media partners say the investigation is in the public interest because data leaks from the world of offshore have repeatedly exposed wrongdoing.

    In response to the leaks, Appleby said it was "satisfied that there is no evidence of any wrongdoing, either on the part of ourselves or our clients", adding: "We do not tolerate illegal behaviour."

  17. 'One rule for the super-rich and another for the rest'published at 19:00 Greenwich Mean Time 5 November 2017

    The UK's leader of the opposition, Jeremy Corbyn of the Labour party, tweets that the leak backs up a point he has made before.

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  18. What exactly is offshore finance?published at 18:58 Greenwich Mean Time 5 November 2017

    Essentially it's about a place outside of your own nation's regulations to which companies or individuals can reroute money, assets or profits to take advantage of lower taxes.

    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.

    The UK is a big player here, not simply because so many of its overseas territories and Crown dependencies are OFCs, but many of the lawyers, accountants and bankers working in the offshore industry are in the City of London.

  19. Premier League defends investment safeguardspublished at 18:54 Greenwich Mean Time 5 November 2017

    Questions have been raised in the leaked Paradise Papers about who controls Everton FC and whether Premier League rules have been broken.

    The Premier League says it has wide-ranging rules in the areas of club ownership and finance.

    In a statement the league said prospective new owners have to meet its board and "provide extensive detail on the sources and sufficiency of funding they have in place".

    It added: "Should a prospective club owner have previously held shares in a different club, they must provide evidence that they have been divested. Only when these and many other rules have been applied, and due diligence completed, will the Premier League Board allow an investment to proceed."

    Media caption,

    Paradise Papers: Who is in control of Everton?