the ground? >> sure. because panama this kind of thing without the president advice or president agreement. >> reporter: martinelli, who a u.s. diplomat described as having a limited attention span and making strong impulsive decisions had much in common with the future president of the united states. like trump, he also built himself a lucrative real estate business. money wasn't enough. he wanted power. which is why he decided to run for president. this woman is head of the branch of transparency international. she found many similarities with candidate trump. >> lack of experience in government management. campaigning on the ticket of the outsie outsid outsider. >> reporter: martinelli ran a colorful campaign. his antics earned him the nickname the crazy one. a name he happily embraced. >> he created a slogan that he used during the campaign. we the crazy people are the majority. >> reporter: and they were. martinelli won by a landslide on the promise of a better future for panama. for a while it seemed he kept his w

and especially the one in panama. ick ally is the group's co-found per. >> it was a money laundering hot spot. any responsible businessman should to want know who their clients are and where the money's coming from. if that responsible businessman is now the president of the united states, this is a matter of public interest. >> the idea for the trump ocean club was born long before the businessman became president. it was in the 2000s on his hit tv show "the apprentice" ceo trump made all the decisions. >> you're fired. you're all fired. >> but his children were joining the family business. and ivanka trump suggested that they take the trump brand global. panama seemed like a good place to start. >> well, my interest in panama really began when we had the miss universe contest in panama, which i own, i own the miss universe and it was one of the most successful contests we've ever had. so i was in panama. i was there for quite a bit of time with the miss universe and i fell in love with the place. >> but the panama he

of the panama papers? collar about this issue. i think the fundamental issue issue. i think the fundamental issue is that something needs to be done globally, something needs to be done to stop the ability to move money around the world like this. if you can around the world like this. if you ca n afford around the world like this. if you can afford to move money to places and avoid paying tax, then why not do it. that is what we face right now, we need a complete rethink about how the centres can operate. thank you. gerard ryle is the director of the international consortium of investigativejournalists, he joins me from washington. your organisation is responsible for collating this information discovered. this is one of the biggest leaks of data from an offshore company in history , tell us about how you got it and brought together the journalists around the world who investigated it. we heard from the german newspaper who handed davis various different sources. we have about 21 leaks, the majority is fr

will not stand for the north threatening america or the asian allies. 1.5 years after the panama -- papershow how hundreds of the world's richest have been scaling back on their taxes including the queen. one ofming up for you, the highest business men does that meanhat for the money he has invested? we take a look in the business update. and one of france's top literary more, coming up. first, top stories from paris. ♪ a tiny we start first in town of sutherland springs, texas. the site of the latest mass shooting to rock the united states. a lone gunmen stormed into a tiny church and shot dead 26 people. he was dressed in black tactical gear and armed with an assault rifle. himorities did not identify by name but media reports say he was a 26 euros white male who was later found dead in his car. the suspect had been given a bad conduct discharge from the air force for assaulting his spouse and child. the youngest among the victims was just five years old and the pastor's 14-year-old daughter was killed. town ofm the tiny sutherland springs. >> it is a town so small that everybody here in

presumably a similar pattern to what we have with the panama papers, where we will get some on the firste second day and it will go on as long as they've got their names because it's in the interest of the media to string it out. fair enough, this is the way of generating publicity around their story and the whole issue. what i would hope is that we actually get onto some of the more substantive issues. it does feel a bit like groundhog day, there is not that much difference in what's been revealed since the panama papers la st revealed since the panama papers last year. what we really need to talk about is the policy response, things to do with the campaigners around this, the registry of these trusts, the offshore organisations which decide how much money can be paid out and coordination between governments to try and sort this out, rather than the endless...m does require that coordination because if anything significant is going to change, there needs to be international change. that's right, i quite agree about the panama papers because i rememberfollowing that story and there was g

has anything changed since you helped break the story of the panama papers. well i mean there were immediate effects obviously. of the president of pakistan at to step down and drove t the prime minisistef iceland and. the spanishh or industry minister and and stuff like that but i also think that there's been a. there's been a. a in exoneration. of. of stuff that was already happening prior to the panama papers which is increasing compliance and due diligence requirements. andd. and thehe bard entry for ts kind of activity at least for p private individualslss gotten higher. o. and more expensive. so whehereas befe the merely ricic wouldld be ablele to accecess these kis of offshore trusts and companies and foundations. it's now herb m more the vey wealthy can do it. okay jenkins say thank you very much and if so good to us. now another round so all the talks on curbing global temperature this is taking place this week in the german city of bonn. nearly two hundred countries are taking part in the cop twenty three summit it's about implementing the paris clim

paper's leak to crack down on this well following the revelations of the panama papers government promised to clean up the tax havens and there have been there were commissions of inquiry there are investigations going on still at this moment but what paradise pavers access record now it could be serious it could really initiate a change but on the other hand they smile when national companies who are involved they are usually very good at protecting their own interests and they're very influential. on your color following this very latest leak the paradise papers for us thank you very much. for minor now of our top story at this hour a gunman armed with an assault rifle a shot dead twenty six people attending a church service in texas u.s. president trump has called the attack on the range and said mental health not guns or to blame for the shooting. you're watching t.v. we're back at the top of the hour. on the right. to highlights different shades of nationalism and to find. me to you.

papers well this is the second biggest leak following the panama papers but it's really enormous because last year we started this conversation about where is the world going in terms of assessing the dimension of global financial leakage of secrecy of anonymous companies around the world and this continues to point the finger at large companies and major power. titian's in terms of the secrecy surrounding their financial affairs your your organization is demanding that all countries have central public registers of the real owners of companies do you think that's going to happen in the foreseeable future well it's not only going to happen it's already happening in the u.k. they've begun this in denmark and in ukraine there are commitments that are emerging around the world by governments because they recognize it's important to know who is behind the company who's behind the corporate interests who benefits from the wealth of corporations the number of. people who are watching this of analysts who are following this they're coming out and saying that now give you an example the pseudo j

with the panama papers, iand panorama leaks, people are familiar with the panama papers, i and panorama. that itself was pretty expos of an dramatic because it pulled back the curtain and showed what the offshore world was like. why i think this is much bigger and more dramatic, particularly in britain, is because appleby work in uk tax havens. they have ten officers and are linked to the uk, a secret empire of offshore, a british empire of offshore. we can see the sort of things they are doing. consequently, there are more british people and british companies in there. we're talking about politicians, pop stars, sports stars, multinational companies. these are big people, and more and more names will emerge in the coming days. and we will be showing richard bilton‘s special edition of panorama here on the bbc news channel in the uk and bbc world news in around 15 minutes‘ time. less talk to our economics correspondent. this is a huge leak and it shows what the duchy of lancaster was doing in investing the queen's private money. she has insight of the duchy of lancaster which has hundre

insiders say that applebee the firm here is much cleaner than second which is the firm at the heart of the panama scandal in that sense you know some people saying if this was at the heart of wrongdoing if the shown to be wrongdoing we should say not all the activity described here is illegal but if there is wrongdoing then it could be that you know there's a lot bigger problem in this area of offshore investments than was previously even realized it sounds like we're going to be learning a lot more very soon simon young our political correspondent thanks for your insight. saudi arabia has arrested dozens of princes and government ministers and a high level purge and news conference a spokesman for the brussels prosecutor said the five will now appear before a judge among those arrested billionaire friends i don't need forbes named him the richest man in the arab world there were us have been sanctioned by king solomon under a new anti corruption body that he's put his son in charge of the movie is seen as cementing crown prince muhammad's power in the kingdom. on the studio with me now is daniel

insiders say that applebee the firm here is much cleaner than second which is the firm at the heart of the panama scandal in that sense you know some people saying if this was at the heart of wrongdoing if the shown to be wrongdoing we should say not all the activity described here is illegal but if there is wrongdoing then it could be that you know there's a lot bigger problem in this area of offshore investments than was previously even realized it sounds like we're going to be learning a lot more very soon simon young our political correspondent thanks for your insights. the else did come on president carlos pushed him on along with four other former ministers a surrender to police in belgium the five are wanted in spain on the european arrest warrant that was issued there they face charges of sedition rebellion and misuse of public funds the holding of the illegal referendum on october first the belgium last week when madrid moved to impose director of rome catalonia after the regional parliament declared independence. saudi arabia has arrested dozens of princes and government ministers and a

insiders say that applebee the firm here is much cleaner than second which is the firm at the heart of the panama scandal in that sense you know some people saying if this was at the heart of wrongdoing if the shown to be wrongdoing we should say not all the activity described here is illegal but if there is wrongdoing then it could be that you know there's a lot bigger problem in this area of offshore investments than was previously even realized it sounds like we're going to be learning a lot more very soon simon young our political correspondent thanks for your insight. president donald trump has a message for asian allies the u.s. will defend them against dictatorial regimes kicking off a marathon torah five asian nations beginning in japan trumps something a states has the military might to keep them promised a present day trip comes as tensions rise over north korea's nuclear program. donald trump touched down in tokyo and was expected to give the united states as oldest asian ally much needed security assurances a change of jacket later it was there. we will never you know never waver and

reporter: references to this company, egrant, appear in the panama papers. earlier this year, during a session of the european parliament in strasbourg, mps asked how malta could maintain the rule of law amid allegations of corruption. the prime minister dismissed these concerns, along with galizia's allegations. >> some people in this house have referred to a story, a totally outright lie, that has been directed against me, my wife, and my family. i marvelled at the idea that some extremely knowledgeable members of this house have taken this thing, this fake news, and repeated it here just like that. reporter: four months later, daphne caruana galizia is dead. back in malta, many questions remain unanswered. to what extent are the island's leaders engaged in organized crime? how credible are the allegations against the government? and why was galizia killed? at a makeshift memorial outside the courthouse in the capital, one of the people paying his respects is simon busuttil, a conservative politician. he was among those heavily criticised by the journalist.

the panama papers last year which picked up on david cameron's father. of tax haven. zero tax, highly secret. in themselves, they are not necessarily doing anything illegal. this is about tax avoidance, the use the jargon term. but there is always the implication of something shady about this tax havens. monaco, a shiny place for shady people. the question is, who to be the first mover about doing something like this. i suspect it will not be the british overseas territories because there is too much to lose. that is the problem. u nless much to lose. that is the problem. unless everybody moves, there is a lwa ys unless everybody moves, there is always somewhere to put your money. that's right but we should not use that as an excuse not to act. 0ne that's right but we should not use that as an excuse not to act. one of the problems with the story, we have these leaks. the problems with the story, we have these lea ks. it the problems with the story, we have these leaks. it is almost groundhog day. what is the next stage? what policies do we need to see a

so the panama papers the release of those papers rocked the financial world what about the paradise papers let's ask danielle cope who's standing by for us in frankfurt germany's financial whop daniel what's the mood there like after that i mean we have corporates like facebook apple nike on that list any other names we should be aware of. hi there monica what i can tell you about the trading day so far that we don't really see an impact yet on the blue chip index stocks and yeah you mentioned those companies that really hasn't been a big secret that companies like facebook amazon have been using every kind of gap in the past and order to pay our last taxes but the list is very interesting you know companies here also in germany like six daughter paused the amends by and also daughter buying seem really to like those offshore accounts but also smaller companies like goes i'm on the company year in germany very famous for gambling machines they have been very proud in the past always announcing everything is made in germany but it seems when it comes to paying their taxes they prefer to pay

sense of it all the same international team of investigative journalists that last republished the panama papers a report revealing the shadowy world of offshore holdings they're now sifting through the millions of documents from the latest leak this time called the paradise papers. tax haven bermuda billions are routed through here every year by exclusive law firms which specialize in one area of voiding tax and hiding ownership applebee is one of the biggest offshore law firms like other providers it's a web of intrigue now uncovered by the new data leak. leaked tactical sort of house for the new leak revealed the scale of the challenge it's not just a few blocks anyone who works and find his can easily get access to the structure. it's the world of the wealthy and their advisors elaborately cloaked in fabulously rich britain's queen elizabeth the second the files show her wealth moves in complicated ways heard ministrations have invested some of her money in a fund in the cayman islands profits there are tax free at the end of the chain the british company bright tiles it sells househo

stash documents revealing how the rich and famous and corporations treat remember the panama papers that was eighteen months ago have lessons been learned. also coming up u.s. president donald trump has started his twelve day tour of asia with trade relations high on the agenda. this state of you business live from berlin i'm going out of us welcome they're calling it the paradise thirteen point four million files revealing an impressive list of corporations and v i p's involved in large scale tax avoidance from facebook apple and nyc to u.s. commerce secretary wilbur ross and indeed britain's queen elizabeth. it's not illegal to transfer your money offshore and enjoy a much lower tax rates but you do have to have millions for the scheme to work and you need highly specialized lawyers to ensure that your income from a high tax country is taxed at a place for the rates are rock bottom. for example a german i.t. company registers its patents in ireland where the tax rate is much lower. even though the product primarily sells in germany the income is booked in ireland . only a small part of

-- [ shouting ] >> last month's european parliament committee of inquiry set up in the wake of the panama papers claimed that the u.k. is obstructing the fight against tax dodging and money laundering. and just last week the e.u.'s competition commissioner announced an inquiry into u.k. taxation rules that may have institutionalized tax avoidance by multinational corporations. isn't the prime minister concerned that vital revenue is being lost to fund schools and hospitals? will she change the rules in the budget? >> can i say to the right honorable gentleman, we have taken an extra 160 billion pounds in additional compliance revenue since 2010. and he says -- he comments on measures that were being proposed this week. as i said in my previous answer, we would have had more tax evasion, anti-tax evasion measures in place if the labor party had not blocked them before the last election. this party in government, this party in government has been not just acting in the u.k. we have been working with the crown dependencies and we have been leading the world. it was a conservative prime minis

leaks and then the luxemburg leaks the loxley and then there was the panama papers leaks and everybody shouts but nothing happens none of the laws change everything still saves say the same they have their alternative. you know banking system and financial system and tax system they also want in these trade deals to get their own justice system the investor state dispute settlements so they would be removed from any of our ordinary justice which remember the system we live in is very harsh and very severe justice is harsh taxes are harsh obamacare is harsh education costs are harsh their system is like so smooth no barriers no ease of movement no taxes in every no no justice for deferred prosecution or prosecution is. and lollipops free money from the price is up for today with the world i live in that's what the world they live him and then but we were stuck in these like border sort of countries with access. ghettos you could see arc whatever nation you live in you're essentially stuck in a ghetto and yet our media will like set up these paradigms of like here's the right here's the

did anything change after the last set of papers, the panama papers, which revealed a certain amount re was a lot of sound and theory but i don't think much has changed. the european parliament conducted an enquiry but unless the big global governments, the uk in particular, get around the table and say that we wa nt to get around the table and say that we want to bring transparency to the operations of overseas territories and other places around the world, nothing will change. places like the uk must take leadership. you would think that there is a big financial incentive for them to do that. why don't they take more action? for the uk, the overseas territories represent a burden. this is good business for those territories and so business for those territories and so the question is, what would replace that business if it went away? maiga would be that transparency doesn't mean the business must stop, it must be done ina way business must stop, it must be done in a way that everyone can see and understand. we know that the un have urged countries to get together. do they need to ta

the panama papers are fake news. this new leak from bermuda is fake news. our to hack people's computers and these journalists should be imprisoned. tell me what you think morally. let me say that we advise very major corporations. if you are saying that tax should be paid on the basis of the morals, as they are understood in the houses of parliament at the moment, i would have great difficulty in ascertaining what the proper test should be. what tax is paid on is the law. we can remind ms hodge that her government were in power from 1997 to 2010. if they really did not like the international tax treaties which existed in europe, which enabled tax avoidance in europe by the major us corporates, they should have changed those treaties whilst they had the majority in the houses of parliament. briefly, let's look at one simple thing, developing countries worried about capital flight, money finding its way into tax havens. don't you even have a pang about that? i don't know what the expression tax haven means. nor do you. tax shelter. you are talking about offsh

we saw the panama papers, now the paradise papers, did anything actually change after the panama paperslearly getting more hot under the collar about this issue. the fundamental issueis about this issue. the fundamental issue is that something needs to be done globally, something needs to be done globally, something needs to be done to stop the ability to move money around the world like this. if you can afford to move money to places and avoid paying tax then why not do it? that's what we face now, we need a complete rethink of the way these centres are allowed to operate. it will obviously keep you up—to—date on reaction to those paradise papers in the next few hours here on bbc news. in the meantime, let me keep you up—to—date on meantime, let me keep you up—to—date o n eve nts meantime, let me keep you up—to—date on events in texas, let's return to those live pictures of the baptist church in sutherland springs in texas, where in the last two hours orso, a texas, where in the last two hours or so, a gunmen went into the baptist church, when a service was drawing to a close, its thou

we previously had other leagues, the panama lea ks and previously had other leagues, the panama leaksng avoided through measures we could tighten up if we had greater transparency. when you say quite easily, what are you thinking? for example, we work in acting the finance act in the commons, i don't want to go into the technicalities but labour suggested that fought non—doms, they would need to declare where they had a trust, and how much tax they were not bringing in because they had a trust. this scandal that is breaking now is about offshore trusts. there would be things we could have done last week. the government didn't agree and blocked it. we're going to keep pushing for greater transparency because i think ultimately what happens, when these schemes come to light, that's what tends to stop them because people don't want to be associated with them. they know that ultimately they would fail the neighbour test, whether ordinary people would accept this approach, and they wouldn't. you talk about things that could have been done last week. wouldn't it be fairto have been done las

trump ocean club soars over the pacific and panama city. rywhere from russian gangsters to money launderers were able to hide their cash. alexander ventura was one of the tower's main brokers. and you were coming in with hundreds of buyers. >> hundreds of buyers, yes. >> reporter: did the trump organization want to know who these buyers were, where the money was coming from? >> no. not that i'm aware of. no, not at all. >> reporter: ventura is now a fugitive wanted for fraud. we agreed to disguise his appearance because he said he feared for his safety. he says that he sold units no questions asked to buyers including david guzman in custody in the united states convicted of laundering millions of dollars for mexican drug cartels. ivanka trump was involved in the panama project but not directly in sales. >> hello. i'm ivanka trump. >> reporter: the featured in its promotions. we revul several of the brokers and buyers also had ties to russian organized crime. documents from panama's public records show units were bought through anonymous she

he also worked on the "panama papers" investigation, and is co-author of the book "panama papers: thetory of a worldwide revelation." if you could start out by explainingng how these papers we released and then talk about some of the most outstanding examples with in it, who this is implicating. >> hello. we started the paradise papers investigation more than the year ago was that it was the result -- the first results were published yesterday at noon. that was u.s. east coast time. the paradise papers show exactly how the super rich and how corporate hide behind their money offshore. sometimes it is illegal, sometimes it is still legal but i think it is still illegitimate because hiding or avoiding taxes means there is money going away, ,oney that our countries neeeed our societies need, for example, to build streets, schools. i think this is a global problem. it is a problem in the u.s., but also the european union. is a globalhere approach needed. amy: can you talk about some of the most stunning findings in this? what your most shocked by? >> i was really surprised of the huge exp

the big difference here is with the panama papers, we didn't see a lot of american names. in this case, we are seeing a lot of american names drawn into the story. could it be two different entities doing this for two different reasons politically? not clear. we have to find out. >> to make sure i understand the relationship wilbur ross has, he has a stake in this company navigator, and one of the clients of navigator happens to be a russian shipping company? is that correct? >> right of which a share is owned by the son-in-law of vladimir putin this is a company that does business with a russian energy firm and as you saw on the tape, wilbur ross says he did nothing wrong. this is a normal commercial relationship according to the secretary of commerce. >> thank you, eamon. >>> president trump continuing his jaunt through asia today, starting in japan, now heading to south korea what is he hoping to accomplish? and why michael kors is soaring while a lot of retail is struggling so what else is new? how's your mother? umm..she's doing good. she needs more care though. she wa

>> i don't think it's quite having the impact of the panama papers. ably because, as the new york times has observed, the panama law firm seems to be more willing to push the envelope in terms of the kind of business it was willing to get into than this bermuda firm, appleby. a lot oft really seen impact here in washington. the wilbur ross thing is the largest story so far out of the paradise papers. david: great to speak with you as always. shery: coming up next, a crackdown in saudi arabia over the weekend where there was an arrest of several senior princes and the world's most renowned investor and we will bring you the latest. this is bloomberg. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comca

but picking up on that point to the casual observer it does look like nothing has changed since the panama papers a year and a half or so ago is that the case. and very much so i think people dismissed the papers as a sort of a role that was. documents that came from a pan i'm a law firm. and i think people dismissed it and said this is a law firm doing bad things you know for bad people here this is very different to paradise papers basically mainly involves a company that is catering to high end people high end corporations high end individuals who are not criminals and what we're seeing here again is that this is legal but again is it is it moral is it acceptable i guess is the real question for public ok and we're talking about as much as ten trillion dollars stashed away in offshore accounts maybe you could give us an impression about how damaging this kind of tax evasion is. what we really don't know how much is in tax havens people can you can quote a figure you can pretty much make up a figure if you want to reading people don't know simply because of the secrecy and we know that a

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sharif has appeared in court to face corruption charges is links to offshore companies revealed in the panama papers scandal led to his dismissal from office and indictments for graft. the u.s. has called on authorities to stop a humanitarian emergency at an australia funded immigration camp in pompano getting more than six hundred men have refused to leave after the center at manas island was closed on tuesday citing safety concerns they've taken to digging wells for drinking water and scientists have discovered a new member of the great ape family for the first time in nearly ninety years pono top newly and since a new species of frizzy hair are running attacking lives in the remote jungles on sumatra island but researchers warn their numbers are so small and their habitat so threatened they may not be around much longer. sports news now and in your roper league soccer action on thursday night german sides enjoyed a successful match day none more so than cologne who secured an impressive victory the german side won the game five two their first win in the competition this season that means

there has been another huge lake of tax secrets of the ultra rich after two thousand and fifteen the panama papers remember those now we have the paradise papers a thirteen point four million page document revealing how some of the world's rich and famous invest their cash in offshore tax havens and that includes this lady here britain's queen elizabeth the second she voluntarily pays tax tax only on her private income but the papers reveal thirteen million dollars of her wealth is held in offshore havens though experts are saying those thirty million dollars worth of investments went illegal then there is what some are calling the hypocrisy of saint bono the front man of the irish rock band u two campaigns heavily for more taxpayer spending on international aid for example but he's apparently used a malta based firm to invest in a lithuanian shopping center again it's not illegal but using a low tax jew or dish jurisdiction does raise some eyebrows and a key aide to the can of the canadian prime minister justin trudeau has been linked to offshore schemes that may have cost canada millions

investigation. >> trump ocean club soars over the pacific and panamarussian gangsters to money launders for latin american drug cartels were able to hide their cash. alexander venturas is one of the main brokers. accommodating in with hundreds of buyers. >> hundreds of buyers, yes. >> did the trump organization want to know who the buyers were, where the money is coming from? >> no. not that i'm aware of, no, no. not at all. >> reporter: ventura is a fugitive wanted for fraud. we agreed to disguise his appearance because he said he feared for his safety. he said he sold units no questions asked to buyers including david guzman in custody in the united states convicted of laundering millions of dollars for mexican drug cartels. ivanka trump, ventura said, was involved in the panama project but not directly in sales. >> hello. i'm ivanka trump. >> reporter: she was featured in the promotions. our investigation reveals several of ventura's brokers and buyers also had ties to russian organized crime. documents from panama's public record office show that u