Politicians and royalty exposed in Paradise Papers

A trove of leaked offshore investment documents, dubbed the ‘Paradise Papers’, exposes hidden banking activities of some of the world’s wealthiest people. Samantha Vadas reports.

From U.S. politicians to British royalty, a trove of leaked documents from an offshore law firm is casting a spotlight on some of the world’s wealthiest people.

The files have been dubbed the ‘Paradise Papers’ and obtained by a German newspaper from Appleby, a legal firm based in Bermuda with offices in many of the world’s tax havens.

Among those mentioned in the papers are U.S. Commerce Secretary Wilbur Ross and Britain’s Queen Elizabeth.

According to U.S. media, Ross has been keeping investments in a shipping firm with significant business ties to Russian President Vladimir Putin’s inner circle.

Although the Department of Commerce says, Ross wasn’t involved in any business decisions with Russian shareholders.

Meanwhile, Britain’s Guardian says millions of pounds from the Queen’s private estate had been invested in a Cayman Islands fund as part of an offshore portfolio that’s never been previously disclosed.

Reuters hasn’t been able to independently confirm the findings.