A vast new trove of 13.4 million leaked documents dubbed the Paradise Papers have been published by the International Consortium of Investigative Journalists (ICIJ) exposing the offshore banking activities of more than 120 politicians around the world. Included in the leak are documents connecting U.S. Commerce Secretary and billionaire financier Wilbur Ross to a shipping company that does business with Russian President Vladimir Putin's son-in-law.
The leak is the latest to draw back the curtain on the shadowy world of offshore banking where shell companies allow the wealthy, kleptocrats, or anyone else with something to hide to conduct business largely in secret in known tax havens. This trove, which comes largely from Bermuda-based Appleby law firm, reveals offshore ties of a dozen Trump Cabinet members, advisors, and donors. It also shows the connections between a major investor in Twitter and Facebook with Russian state-owned businesses.
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