Britain faced fresh demands to end financial secrecy in its network of overseas territories after a new leak of millions of documents highlighted their use by major corporations and high-profile individuals to protect their wealth.
A leak of 13.4 million files dubbed the “Paradise Papers” has revealed potentially embarrassing business links between Donald Trump’s commerce secretary, Wilbur Ross, and Russian president Vladimir Putin’s family, and demonstrated that the overseas investment portfolio of Queen Elizabeth II operated through a tax haven.
The leak prompted a series of denials of wrongdoing by key players named in the papers. It also sparked accusations by campaigners that similar revelations 18 months ago had failed to lead to an overhaul of the global financial system.
Those leaks – dubbed the Panama Papers - led to the downfall of the prime ministers of Pakistan and Iceland but major changes to the international tax system foundered on disputes between nations.
A consortium of journalists working on the new leak, which includes reporters from the New York Times and the BBC, has promised days of revelations that will feature companies including Twitter, Facebook, Nike and Apple who have allegedly exploited global tax rules.
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The latest revelations, based on leaks from two offshore service providers, will make uncomfortable reading for many including the queen, Mr Ross and a senior adviser to Canada’s prime minister Justin Trudeau. Mr Ross on Monday described as “totally incorrect” claims that he had misled the US Congress after the leak exposed details of his interests in a company doing business with a Russian firm controlled by members of Mr Putin's inner circle.
The UK’s opposition leader, Jeremy Corbyn, suggested Queen Elizabeth should apologise if her estate had invested offshore to avoid tax. About £10 million (Dh48m) from the queen's private fund was paid into funds in the Cayman Islands and Bermuda between 2004 and 2005, according to reports.
A small part of the money was traced to a lender which has previously been criticised for exploiting poor customers. A spokesman for the estate said: "We operate a number of investments and a few of these are with overseas funds. All of our investments are fully audited and legitimate."
R K Sinha, one of India's richest members of parliament, was among several of the country's politicians named in the papers. He established two offshore companies in Malta and the British Virgin Islands, according to the Indian Express newspaper. He told reporters on Monday that he had taken a vow of silence for a week and could not comment.
Prime Minister Theresa May was urged to hold a public inquiry into tax evasion and the offshore industry after it emerged that the top five jurisdictions for hidden deals were all tax havens with links to Britain, according to one campaign group.
“There's already work that's been done to ensure that we see greater transparency in our dependencies and Britain’s overseas territories and we continue to work with them,” she told a London business conference. “We want people to pay the tax that is due.”
Mrs May’s predecessor, David Cameron, had pushed for the network of 17 territories – that include financial centres such as the Cayman Islands, the British Virgin Islands and Bermuda – to have public ownership registers to crack down on the anonymous use of shell companies.
But the UK government backtracked on that demand after the former colonial territories promised to share information with law enforcement but refused to make registers open to the public.
It claimed that the commitments of UK-linked tax havens put them “well ahead” of competitors such as Delaware in the United States.
More than 80 MPs had pushed for the UK to legislate to enforce public registers for overseas territories by 2020, but the attempt had to be abandoned after Mrs May called early elections.
“It’s clear again that the British network of overseas territories are hugely at play here,” said Simon Kirkland, a political adviser for development charity Christian Aid. “We have a large stake in the game and if the prime minister chooses to act that would do a huge amount of good.”
Germany welcomed the release of the documents for shedding light on the opaque world of tax planning. Its finance minister said it wanted to see the documents along with the police.
The company at the centre of the revelations, Bermuda-based offshore law firm Appleby, said it had found no evidence of wrongdoing in any of the published reports.
UAE currency: the story behind the money in your pockets
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US%20federal%20gun%20reform%20since%20Sandy%20Hook
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Abu Dhabi Sustainability Week
2019 ASIA CUP POTS
Pot 1
UAE, Iran, Australia, Japan, South Korea, Saudi Arabia
Pot 2
China, Syria, Uzbekistan, Iraq, Qatar, Thailand
Pot 3
Kyrgyzstan, Lebanon, Palestine, Oman, India, Vietnam
Pot 4
North Korea, Philippines, Bahrain, Jordan, Yemen, Turkmenistan
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
RIDE%20ON
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
MATCH INFO
Chelsea 1 (Hudson-Odoi 90 1')
Manchester City 3 (Gundogan 18', Foden 21', De Bruyne 34')
Man of the match: Ilkay Gundogan (Man City)
ABU DHABI CARD
5pm: UAE Martyrs Cup (TB) Conditions; Dh90,000; 2,200m
5.30pm: Wathba Stallions Cup (PA) Handicap; Dh70,000; 1,400m
6pm: UAE Matyrs Trophy (PA) Maiden; Dh80,000; 1,600m
6.30pm: Sheikha Fatima bint Mubarak (IFAHR) Apprentice Championship (PA) Prestige; Dh100,000; 1,600m
7pm: Sheikha Fatima bint Mubarak (IFAHR) Ladies World Championship (PA) Prestige; Dh125,000; 1,600m
8pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Group 1; Dh5,000,000; 1,600m
SHAITTAN
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Five expert hiking tips
- Always check the weather forecast before setting off
- Make sure you have plenty of water
- Set off early to avoid sudden weather changes in the afternoon
- Wear appropriate clothing and footwear
- Take your litter home with you
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Series result
1st ODI Zimbabwe won by 6 wickets
2nd ODI Sri Lanka won by 7 wickets
3rd ODI Sri Lanka won by 8 wickets
4th ODI Zimbabwe won by 4 wickets
5th ODI Zimbabwe won by 3 wickets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Killing of Qassem Suleimani