The big offshore story this week is the so-called Paradise Papers. Or is it? On closer inspection, the revelations so far reveal a distinct lack of wrong-doing, and do not represent a repeat of the Panama Papers scandal of 2015. Nigel Green, the founder and CEO of deVere Group, led the industry fight-back, saying that politicians “demonstrate monumental naivety” in their responses to the Paradise Papers debate.
The comments from Mr Green come as the leader of the British opposition party, Jeremy Corbyn, and the veteran US Senator and former presidential hopeful, Bernie Sanders, spoke publicly in the wake of the latest leak of more than 13.4 million documents.
Mr Green continued: “The heightened level of sensationalism is out of control, masking the reality of the situation, and is being fuelled by misinformed, politicians out to score cynical political points. Corbyn implies the Queen, rock stars, and multinational firms, amongst others, must apologise for benefitting from legal, tax-efficient schemes. Meanwhile, Sanders maintains that money in offshore accounts illustrates the movement towards an ‘international oligarchy’.”
“This hyperbole is unhelpful, misleading and demonstrates their monumental naivety. It’s time to set the record straight.” He continued: “The murky world that these and other politicians and others are inaccurately describing is not one that I recognise.”
The law firm at the centre of the latest offshore tax evasion storm, Appleby, referred journalists this week to an extended statement on its website, which noted that the journalists covering the story “do not allege, nor could they, that Appleby has done anything unlawful. There is no wrong-doing.”
News source: Offshore Investment