from the perspective of bermuda we do not have anonymous coming to bermuda.—year beneficial ownership register w eknow who owns our companies. can you not come here to set up an annan muss company or to hide your money because we report all money in bermuda to international tax authorities. but the point about trying to get information from bermuda, if a company is registered there, how do you get the balance sheet? if i want to go looking, if i want to look for a british company, i go to companies house or go online and get it in 30 seconds. that doesn't happen there, it's not transparent or speedily understood. well, what i would say is that any company, which is a british company, and/or any person who is a british national who has any type of account in bermuda, that information is automatically shared with the uk tax authorities. her majesty's revenue an customs gets that information automatically. that information is without question transferred. the issue here is a question of tax avoidance. you cannot avoid taxes if we are reporting all of your financ

with apparently nobody in bermuda.his opinion.|j bermuda. we asked an international tax expert for his opinion. i think the reality of the matter is that this whole show was being run from aberdeen and not bermuda at the only reason to have a bermuda company is because it is a tax haven and they can get interest into it without paying taxes and whenever the canadian company wants to withdraw the money they can do without paying taxes. i can't see any other reason to have this extra company in the structure. fpf1 only started producing oil this year and because of tax breaks it will not pay uk tax until 2020 anyway so what's the point? i think the point is looking forward. you want to plan ahead with these things because doing it when you are profitable is harder. for a few weeks we have been trying to get some answers from ithaca aboutjust exact what the purpose of this bermudan company was. they say it has nothing to do with tax. 0ur evidence suggests otherwise. i am going to go and knock on their door and see if some

welcome to bermuda. this is and fun. welcome to bermuda.. this place attracts billions of dollars from all across the globe from the super rich and big business. bermuda is a tax haven. it offers to the rich and powerful: 0% tax rate and secrecy. these places are selling secrecy, selling facilities for handling dirty money, and a big part of the game is hiding it. but now, that secrecy game is hiding it. but now, that secrecy has been breached. appleby isa secrecy has been breached. appleby is a legal firm that sells offshore services. 7 million of their documents have been leaked. that's the head office. we have to be very careful at this stage of the investigation. because appleby don't know that we have their data. we have been working on the documents for the past year. this march, we were invited to a secret meeting in munich. we don't talk about what we're doing. the documents were leaked to a german newspaper. we don't talk to our friends, ourfamilies, newspaper. we don't talk to our friends, our families, our colleagues. they are sh

i'm a chef de cuisine at hamilton princess and beach club in bermuda. 0k, today i'm going to make bermudash. it originated during the 17th century, with the first settlers in bermuda. at that time, there was not a lot of refrigeration or any way of keeping food fresh for a long time, so to preserve their fish that they used to bring on the island, they had to use rum and sherry peppers to make fish chowder. there are quite a few vegetables that go into the chowder. we've got peppers, some carrots, some ginger and don't forget to put celery. and they have to be all finely chopped. so, basically, you have to have onion, garlic. the best onion to use is the bermuda red onion, which is locally produced and sweeter than regular white onion. so you start by sauteing all of the vegetables you have. the onion first until it is translucent, then add all of the other vegetables. then you add your rum. so you need to cook out the alcohol. the rum just puts the flavour in the fish dish. let it all cook together. the longer you cook it, the better it is. i present to you a perfect bermuda fish chowder

so that it seems that there's something legitimately happening in bermuda now b. will have a little bit of a tough time getting a lot of the exact to go down but just basically reduce the number of people as they go down and within these meetings we actually came to light that they were a little bit concerned that if they cannot continue doing this they might have to pay taxes in some place like let's say canada where we all know that they're headquartered so that's a part of the deal as would be well the other banks in canada the big ones that were mentioned but nothing came to light like what happened with the bank of montreal bank of montreal also because of those investigations go a little bit deeper right now we know that this was discovered as well the buell ran a two hundred eighty eight million dollars tax dodge and this is according to the canada revenue agency they're going to be taking them to court in june over range within shell companies loans and stocks watch so this goes a little bit deeper than just the paradise papers but it seems for the paradis

instead, it routed through bermuda. in doing so, pays no tax.akes that money, gives it to steve bannon through various nonprofits. steve bannon produces books about clinton. he makes films with groups like citizens united, young america's foundation. what these documents show, this leak shows, much of this money avoids tax. juan: is it is a new york-based foundation of what is it, just keep the money in bermuda or send it there? what is the mechanics? >> basically, this is just all on paper. theything really renaissance technology does is a u.s. venture. they are based in new yorkn long island and manhattan. but on paper, they have these feeder funds, they call them, based in bermuda. that means they pay an offshore boutique law firm to use their address, to use the premises as a registration address in bermuda. that allows them to say, look, we have these businesses in bermuda. we are routing this money on paper through bermuda and therefore, avoids tax. none of israel. is real.f this it is all just for technical reasons which out some avoid ta

one is in singapore and one is primarily based in bermuda.high end. it is the richest people and companies in the richest people and companies in the world and there is more to come out. the law firm at the centre of it, appleby, call it an illegal computer hack. what's your response? we don't know where the documents came from, they went to the german use paper, sueddeutsche zeitun, the same use paper, sueddeutsche zeitun, the same paper by got the panama papers. they came into the suddeutsche zeitung and they shared them with the icij, and they shared them with journalists from nearly 67 countries around the world. one of the reasons given for offshore investments is that it keeps your investment secret, but do you think that these lea ks now call secret, but do you think that these leaks now call into question the whole industry becoming less attractive for those who want to shift their wealth overseas? there's no doubt about that. every time something like this happens, it's an attack on the industry. it only has one product, secrecy. aft

a series of payments totalling around $200 million were made to him from a trust in bermuda.st act independently. if lord ashcroft ignored the rules he could face a big bill from the taxman. e—mail is seen by us suggest a rising sense of frustration among the trustees that lord ashcroft was not playing by the rules. to put it bluntly,... it not playing by the rules. to put it bluntly, . .. it looks not playing by the rules. to put it bluntly, . . . it looks like not playing by the rules. to put it bluntly,... it looks like lord ashcroft was controlling the trust and expecting the trustees to rubber—stamp his decision to limit. iam richard, rubber—stamp his decision to limit. i am richard, i work philip panorama. he wouldn't answer written questions i caught up with him at the tory party conference. do you have an offshore trust with tens of millions that you secretly control? does that mean you considerably control? why don't you just talk to me? to be great to hear your view. dear, dear, dear. is that your response. his lawyers later said that i had started shouting somethin

months so that it seems that there's something legitimately happening in bermuda now b. will have a little bit of a tough time getting a lot of the exacts to go down but just basically reduce the number of people as they go down and within these meetings we actually came to light that they were a little bit concerned that if they cannot continue doing this they might have to pay taxes and someplace like let's say canada where we all know that there headquartered so that's a part of the deal as would be all the other banks in canada the big ones that were mentioned but nothing came to light like what happened with the bank of montreal bank of montreal so because of those investigations go a little bit deeper right now we know that this was discovered as well the buell ran a two hundred eighty eight million dollar tax dodge and this is according to the canada revenue agency they're going to be taking them to court in june over rangelands than shell companies loans and stocks was so this goes a little bit deeper than just the paradise papers but it seems for the paradise pa

so it's in bermuda unlike the companies in hong kong or london the offices which have people in desks and stuff the place in bermuda has nothing it's just a mail box at a law firm that deals with offshore accounts believe it or not so right now the what's coming out in the paradise papers as we're seeing that just basically reduced the number of people i had to go down and with in these meetings we actually came to light that they were a little bit concerned that if they cannot continue doing this they might have to pay taxes in some place like let's say canada where we all know that they're headquartered so that's part of the deal as would be all the other banks in canada the big ones that were mentioned but nothing came to light like what happened with the bank of montreal bank of montreal also because of those investigations go a little bit deeper right now we know that this was discovered as well the buell ran a two hundred eighty eight million dollars tax dodge and this is according to the canada revenue agency they're going to be taking them to court in june over range with and

is a lot more to bermuda it is a tax haven, secrecy and 0% tax rates.ggest offshore companies, appleby, is based here. seven million documents have been leaked. for months, we had to carry out secret research. that's the head office. out secret research. we have to be very careful at this stage of the investigation. appleby don't know that we have their data. but now we can report what goes on here. the leak is known as the paradise papers. it contains some of the biggest names in britain. like the queen's private estate. the biggest names in britain. the queen's investments are handled by the duchy of lancaster. now, because of the files, we can see where some of the money was going. we can see where some £10 million was invested in tax havens, with $7.5 million in one fund in the cayman islands. havens, with $7.5 million in one it is perfectly legal and there is no suggestion tax was being avoided but should the monarch's cash be going offshore? should the monarch's if the money has been invested in a tax haven, i would have thought it would be extrem

take bermuda, where appleby started.nt itself as the acceptable face of offshore. this is acceptable face of offshore. this is a place that attracts people because of its civilised nature, it is respectable, it has close links to the uk. it is a british overseas territory, the queen is the head of state. before they knew about the league, the government told us bermuda was clean. we are regulated very well and it has been recognised internationally. one of the big difference that differentiates bermuda to other countries like yours is we just do not accept anybody to do business in bermuda. so we screen people and if you do not pass the criteria, then we say, you can go somewhere not pass the criteria, then we say, you can go somewhere else because you can go somewhere else because you are not coming here. but the documents showed the regulation often fails. look at this presentation for appleby staff. it says there is systemic noncompliance, which means rules are being broken. no risk assessment, which means dodgy cases

british virgin islands, bermuda. of man, guernsey orjersey. step three, pay nominees to run the business to avoid your name appearing on documents. four, open a bank account in another offshore location for extra anonymity. the sheu location for extra anonymity. the shell company then makes payments into this account. five, spend the money on company assets or loans that you will never pay back. that is just that you will never pay back. that isjust one that you will never pay back. that is just one way to do it. according to one estimate the amount held in offshore financial centres is some $10 trillion. that's more than seven and a half trillion pounds. 0r put another way, roughly the combined economic output of japan, the another way, roughly the combined economic output ofjapan, the uk and france. 0n the other hand, the world of tax havens is notjust for the rich and famous — in fact experts say that indirectly millions of us have investments offshore, through pensions, endowments and other saving schemes. pensio

charles is accused of a conflict of interest with offshore investments in bermuda that stood to gainhis private campaigning. within the past couple of hours president donald trump has addressed the national assembly of south korea and reassured them of the strength of the two countries‘ 60—year old alliance. he contrasted south korea's progress and strong economy with the hunger—filled prison state that he said existed in the north. he again called on pyongyang to give up its nuclear and missile programme, which he said is putting north korea in mortal danger. let's listen to part of that speech. history is filled with discarded regimes that have foolishly tested america's resolve. anyone who doubts the strength of determination of the united states should look to our past and you will doubt it no more. we will not permit america or our allies to be blackmailed or attacked. we will not allow american cities to be threatened with destruction. we will not be intimidated and we will not let the worst atrocities in history be repeated here on this ground we fought and died so hard to sec

to avoid tax —— a trust in bermuda.hcroft avoided the rules, he could face a big bill from the taxman. e—mail seen big bill from the taxman. e—mail seen by our suggest a rising sense of frustration from the trustees but lord ashcroft was not playing by the rules —— that he was not playing by the rules. it looks like lord ashcroft was controlling the trust and expecting trustees to rubber—stamp his decisions. he didn't answer written questions, so i caught up with him at the tory conference. did you have tens of millions in an offshore trust that you secretly controlled? did that mean you could avoid millions in tax? why don't you talk to me, it would be great to hear your view. it was the punta gorda trust. his lawyers made said that i had started shouting something at him by which time lord ashcroft had walked away and heard nothing of what i said. we've done about a mile and a half, we could have been sponsored. despite the questions, lord ashcroft wouldn't give us his side. i'm not going to folly in there, sir. about

charles is accused of a conflict of interest, with offshore investments in bermuda that stood to gain from his private campaigning. i'm sharanjit leyl, in singapore. also in the programme: police say the gunman who killed 26 people in texas escaped from a mental hospital in 2012. he'd made a number of death threats. and the changing face of british fashion: how vogue magazine's new editor is striking a different pose. live from studios in london and singapore, this is bbc world news. it's newsday. good morning. it's 1am in london, 9am in singapore and 10am in seoul, where president trump is preparing to address the national assembly in south korea. his speech is expected to focus on north korea. earlier, he tried to visit the demilitiarised zone between north and south korea, but was forced to cancel the trip because of fog. the president's next stop is beijing. mark lowen has the story so far from seoul. backing the man they say can stop north korea's march to war. supporters of donald trump out in seoul today, defending his hardline approach to the north's weapons tests. it's a kind

charles is accused of a conflict of interest, with offshore investments in bermuda that stood to gain from his private campaigning. police say the gunman who killed 26 people in texas escaped from a mental hospital in 2012, and had made a number of death threats. president trump has urged north korea to come to the table and make a deal to end the nuclear standoff. speaking in south korea on his tour of asia the president struck a very different tone to his previous fiery rhetoric. but he warned he "hoped to god" he did not have to use the us military against pyongyang. our correspondent, mark lowen report from seoul. backing the man they say can stop north korea's march to war. supporters of donald trump out in seoul today, defending his hardline approach to the north's weapons tests. it's a kind of a warning to kimjong—un and his regime. if you do wrong things, you're going to be destroyed. but across the road, the other side, fearing mr trump's bombastic talk over north korea. passions and divisions accompanying him on this trip. threatening north korea, it's not the answer. we hav

his duchy estate secretly invested in a friend's environmental company based in the tax haven of bermudathe prince has long campaigned on green issues but he went on to lobby for international rule changes that the company stood to profit from. there's a conflict of interest between his own investments of the duchy of cornwall and what he's trying to achieve publically. officials deny prince charles spoke out simply to further his investments. also tonight: welsh assembly minister carl sargeant is found dead. it comes days after allegations about his personal conduct. the british citizenjailed in iran fears that borisjohnson has made her plight worse by saying she was training journalists there. i accept my remarks could have been clearer in that respect. celebrations for this gay couple living in paisley. the scottish government issues an apology to those once convicted of sexual offences. bo‘s new editor speaks out about race and the use of young models in the fashion business. in sportsday on bbc news... "the right man to turn things around." david moyes is given the seal of approval

the trust was one from appleby‘s office in bermuda. —— was wrong.n payments from the trust as long as he followed the rules. and the most important rule is that independent trustees oversee the trust. but the documents showed the trustees were worried about how lord ashcroft was behaving. as you go through the e—mails, you get this rising sense of frustration that lord ashcroft is not paying by the rules. this one puts it pretty simply. the trustees even issue a warning for lord ashcroft. it says: that looks like lord ashcroft controlling the trust and expecting the trustees to rubberstamp his decisions. the trustees are worried and expressing worry and that is a clear red flag. on the evidence i've seen it looks like something that is abusive behaviour and an abusive structure. if lord ashcroft was making the decisions, he could face a huge tax bill. he is risking on doing those avoided taxes and putting himself up for penalties and what have you by meddling with the trust assets without having the trustees sign of the way they are supposed to. i'v

when the privilege avoid their taxes in bermuda or the caymans or somewhere else, it's individuals and small businesses and domestic businesses that end up having to pick up the tab. i sense the panama papers were released about similar avoidance last year. we have tried on several occasions to get this committee or the subcommittee to take action, including investigatory hearings. unfortunately, we have been denied that opportunity. these new reports from yesterday raise new questions about a number of trump allies, his billionaire buddies, and multinational corporations that have so much to gain from today's bill. clearly, they won't be submitting their taxes on a postcard. they may be submitted their taxes in a way that allows them even more tax avoidance than today. i think, for example, of the data that shows that last year, last year, 18 times as much money was reported as profits in bermuda by american corporations than the entire gross domestic product of the country. trump's top economic adviser, who has been the apparent white house lead on this bill, gary cohn, according to

it is an island paradise but there is a lot more to bermuda than just beaches and the sun.he world's biggest offshore companies, appleby, is based here. seven million documents have been leaked. for months, we had to carry out secret research. that's the head office. whispering: we have to be very careful at this stage of the investigation. appleby don't know that we have their data. but now we can report what goes on here. the leak is known as the paradise papers. it contains some of the biggest names in britain. like the queen's private estate. the queen's investments are handled by the duchy of lancaster. now, because of the files, we can see where some of the money was going. £10 million was invested in tax havens, with $7.5 million in one fund in the cayman islands. it is perfectly legal and there is no suggestion tax was being avoided but should the monarch's cash be going offshore? 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. we expect higher standards of the queen in terms

and on newsnight, we will speak with the premiere of bermuda about the paradise papers, interpretinghe importance of saudi's weekend of princely arrests and a broadcast interview with donald trump's nemesis, alec baldwin. good evening and welcome to bbc news. we start tonight with new revelations from millions of leaked documents, known as the paradise papers, which show how some corporations and individuals try to avoid paying taxes. the technology giant, apple, has been managing most of its untaxed cash reserve offshore on the channel island ofjersey. it moved the money tojersey after a tax loophole in ireland was closed. although the company has done nothing illegal, its tax arrangements have been criticised by eu and us officials. the paradise papers were obtained by the german newspaper, suddeutsche zeitung, and shared with the international consortium of investigativejournalists, which includes the bbc‘s panorama. our business editor simonjack reports. a rapturous reception for the latest iphone. it's the most popular and profitable consumer product of all time. it's generated

the registered addresses of all 22 bermuda-based companies were 85 broad street in manhattan -- thenhe headquarters of goldman sachs. even the trump administration's totop banking watchdog, randal quarles, vice-chaiairman for supervision at the federal reserve, was the officer of two separate firms based in the cayman islands. the 13.4 million leaked files also implicate trump's former treasury secretary steven mnuchin, jon huntsman, trump's new u.s. ambassasador to russia, and carl icahn, , trump's billionaire former adviser. they also reveal how millions of pounds of the british queen's private estate were hidden in an offshore fund based in the cayman islands and have a senior advisor to the canadian prime minister justin trudeau helped funnel millions of dollars to offshore tax havens. the documents alalso take aim at the world's biggest companies showing how n nike and apple avd taxes now facebook and twitter received hundreds of lines of dollars linked to the russian state. the files obtained by reporters at the german newspaper mentioned with international consortium of invest

private estate, the duchy of cornwall, had $4 million in the tax havens of the cayman islands and bermuda document shows $1 million in an offshore fund. their annual report says the prince is actively involved in running the duchy. the governance of the duchy of cornwall allows the prince of wales to have a hands on involvement. so you can really see his green wellies stamped over all this turf. we found one deal that centres on this man in the cap, the late hugh van cutsem. he was one of the prince's oldest friends. mr van cutsem was a director of sustainable forestry management limited. they were registered in bermuda, and traded in carbon credits, a market created by international treaties to tackle global warming. sustainable forestry management limited would have made more money if international regulations were changed to include carbon credits from all forests. the chronology of events raises serious questions for the prince. in february 2007, the duchy buys 50 shares, worth $113,500. at that time, sfm's directors agree to keep the duchy‘s shares confidential. mr van cutsem asks fo

bermuda there's also billionaire george soros he's also used to bermuda based law firms a manager a web of offshore companies the u.s. secretary of state rex tillerson is named as a director of an offshore firm that used to oral and gas deals and here finally britain's queen elizabeth there with millions of pounds from her private estate being invested in a cayman islands fund but it's about more than the money for the mainstream media which has been scanning the files to get a political scoop now a member of the trump white house is now under scrutiny for his ties to russia to be hearings and if he fails to provide a convincing and compelling explanation he ought to resign now it probably won't surprise you that a lot of news outlets have been searching out some keywords among the millions of paradise papers files to link named and shamed businesses to potential russian interference daniel hawkins looks at how they've been trying to put the pieces together. it's one of the biggest leaks of private documents in the world revealing the financial dealings of the super wealthy and powerful

the leaked documents reveal his duchy estate secretly invested in a friend's environmental firm in bermudae prince has long campaigned on green issues, but he went on to lobby for international rule changes that the company stood to profit from. there's a conflict of interest between his own investments of the duchy of cornwall and what he's trying to achieve publicly. officials deny prince charles spoke out simply to further his investments. also on the programme tonight: the former welsh government minister, carl sargeant, has been found dead just days after he was sacked over misconduct allegations. the british motherjailed in iran — fears that borisjohnson has made her plight worse by saying she was training journalists there. i accept that my remarks could have been clearer in that respect. labour demands an investigation into the international development secretary's unsanctioned meetings with israeli politicians. a formal apology from the first minister of scotland to gay men, convicted under legislation which made homosexuality illegal. and we speak to the first black editor of vog

pounds of the queen's private money is invested in offshore funds based in the cayman islands and bermudaprivate estate, the duchy of lancaster. the conservative mp chris pincher has referred himself to the police and voluntarily stepped down from the whip's office, following allegations over his behaviour. we were planning to show britain's best new building at this point — but we're going to stay with the breaking news in texas — so if you do want to watch david sillito‘s programme on the stirling prize you can find it on the bbc iplayer. let's get more on the texas shooting. at least 27 people are reported to have been killed at a baptist church at sutherland springs. a small community about 30 miles from san antonio is where this shooting took place. 0ne witness, carrie — who works at a shop close to the church — told cbs news what she'd heard and seen. i'm about 50 yards away, there's a i’ow i'm about 50 yards away, there's a row of houses. we ran outside and we heard the shots, we looked at each other and said, i'm heard the shots, we looked at each otherand said, i'm not heard the

and so -- and there is a backup question to the bermuda 100 thing here. did ben butler accomplish his mission. at bermuda 100. >> well, if you ask butler, he would say yes. [ laughter ] what were butler's orders? was he to capture petersburg? no. he was not. he was supposed to go to richmond and cooperate with mead, who would be coming down from the north side of the james. butler would be coming up from the south side. and they would trap lee's army in between these two forces. butler had established a firm bridge head at bermuda 100. he had fortified the position. it was safe. the one thing that, of course, he failed to do was to break that railroad, and i don't want to get too deep into it, but, you know, he and grant, i think, share responsibility in that first offensive, june 16th and 17th, for butler was actually in on the railroad. and was tearing it up. and then his subordinates kind of let him down. and they retreated back off of the railroad in the face of less than overwhelming confederate force. and he never was able to get that railroad again

deeper into an on story in one thousand nine hundred five the billionaire moved his residence to bermuda where he founded a holding company. that shielded his family's assets from the german tax authorities. this file footage shows and on it is pharmaceutical company during a monday night. for the company patriarch the tax haven was the perfect place to turn his mannheim company into a global enterprise called. today more than twenty building a company's worldwide a base that feeling on anyone could shoot. in one thousand nine hundred seventy one on sold his stake in the company for the equivalent of more than ten billion dollars german tax authorities didn't see a cent going on published a memoir for his friends he said if they called him tight an autobiography of an entrepreneur his family and his fortune. thirty two chapters here's one on trusts a complicated animal company. we bequeath star family firm worth billions to the trust fund and it was a good decision. of course there was criticism from all corners especially germany claiming that the anger on board tax evaders who were hid

the man next to him is billionaire george soros that's an infamous name he used a law firm based in bermuda to help manage offshore companies and then we have a couple of pop stars of the very end we have bought though and madonna they have made investments through companies in malta and bermuda but for the mainstream media it is also about finding a political scoop among the masses of information another member of the trump white house is now under scrutiny for his ties to russia there ought to be hearings and if he fails to provide a convincing and compelling explanation he ought to resign. it probably will not surprise you that a lot of news outlets have been trolling through the paradise paper's files in an effort to find an if arius links between russia and the us our chief daniel hawkins looks at how they've been getting on. it's one of the biggest leaks of private documents in the world revealing the financial dealings of the super wealthy and powerful four royal families to global corporations but for most media the focus has been east putin's cronies kremlin meddling team trump's t

documents obtained from the law form appleby based in bermuda show that when ireland shot that a schemet shopping for a new way to keep their tax bills low. a questionnaire was sent to appleby‘s offices in seven tax havens, all british, including questions that made their intention clear. can you confirm that an irish company, meaning apple subsidiary, can conduct management activities without being subject to taxation in yourjurisdiction? after this offshore beauty parade, apple plumped forjersey and in company accounts published since, show there's been no discernible increase in the rate of tax paid worldwide. now, let's be clear, apple has done nothing illegal but hundreds of billions of dollars remain entangled in a web of low tax jurisdictions, seemingly beyond the reach of any government. the tax equivalent of outer space. and, as these documents show, this is a system that has continually elufed international attempts to reform it. —— continually eluded international attempts to reform it. the boss of the international organisation trying to fix this problem admits it's a work i

all corners especially germany claiming that the ngo on board tax evaders who were hiding out in bermuda. that i could just shrug off since as head of a global group it was my job to hold it together guides if this is as old as to say since you got to see and counting at we're always dear to my heart they want to go empty handed either though the money never went to their head yes as beneficiaries of the trust they both received ample dividends i was sure that all. the love trusts dates back to the middle ages when a landowner left england to fight in the crusades he would transfer his estate to a trust in his absence. trust operates as a foundation but without a public beneficiary the founder in this case court and on transferred his assets to the trust officially he was no longer the owner. his assets ended up in a tax haven in the caribbean the trust is administered by a trustee who acts as a representative. eventually the assets are disbursed to predetermined beneficiaries they're also unknown to the public. for investigators it's practically impossible to determine who's the founder

they were registered in bermuda and traded in carbon credits, a market created by international treatiesg. sustainable forestry management ltd would have made more money if international regulations were changed to include carbon credits from all forests. the chronology of events raises serious questions for the prince. in february 2007, the duchy buys 50 shares worth $113,500. at that time, sfm's directors agreed to keep the duchy shares confidential. van cutsem asks for a lobbying documents to be sent to the prince's office. the prince begins making speeches, campaigning for changes to two international agreements on carbon credits. injune 2008, he sells his shares for $325,000, a profit of more than $200,000. but we cannot find, nor has the prince's office being able to show us, any speeches prince charles made on this specific issue before he bought his shares. he made three major speeches in the seven months after he bought them. i think it is a serious conflict. there is a conflict of interest between the investments of the duchy of cornwall and what he is trying to achieve publicl

prince charles is accused of a conflict of interest — with offshore investments in bermuda that stoodhas been one of the international team ofjournalists examining the paradise papers, and has been looking specifically at the management of angola's sovereign wealth fund. it is designed help develop the country and provide a future income when the country's oil reserves run out. it appears though that the level of management fees charged and the choice of investments is making one individual, close to the angolan regime a great deal of money. music. angola manages a curious double. its capital, luanda, is officially the most expensive city in the world to visit. but the country is one of the poorest. one reason for this is corruption. investigating the financial interests of angola's rulers is usually an impossible task. although the border‘s onlyjust over there where those signs are, a couple of hundred yards from here, it's not an easy place forjournalists to go, particularly when the subject of our investigation is the son of the president and somebody very close to him. fortunately

that is applied also to the cayman islands and bermuda.o use it. why would you do it? what is in it for you to use a trust and use the facilities of the cayman islands and other places? the facilities are being used for various reasons. the cayman islands has no taxation whatsoever. no income tax, corporate tax, vat, inheritance tax. no form of taxation. that means that at least your transaction takes place there and is not subject to taxation. why would you use trusts? to use the veil of secrecy from inland revenue. against your competitors. perhaps against your spouse. there are many reasons why people want to maintain a secret business. the trust offers them the opportunity to do so. one thing perhaps we will never know is the huge amount of money we are talking about? yes, the estimates, discounting aircraft, yachts, heart, which is several trillion, the lower estimates of the size of this particular world is about seven. i believe the size is more like 20 trillion. about 12% of global wealth is located in this jurisdiction one way or