Britian’s Queen Elizabeth's private estate has been found to have millions of pounds invested in offshore tax havens, according to reports.
A vast tranche of leaked financial documents, dubbed the Paradise Papers, have been analysed by media organisations under the umbrella of the International Consortium of Investigative Journalists, which includes the BBC and The Irish Times.
It is alleged that the Duchy of Lancaster, which handles Queen Elizabeth's investments, has held funds in the Cayman Islands and Bermuda.
Around £10 million of the Queen's private cash is said to have been tied up in offshore portfolios, the BBC has reported.
There is nothing to suggest that any investments are illegal, the broadcaster added.
Around 13.4 million files are said to have been involved in the leak, which comes one year after the disclosure of the Panama Papers sent shockwaves through the world of business.
Two offshore service providers are said to be the source of the material, along with the company registries of 19 tax havens.
First obtained by the German newspaper Suddeutsche Zeitung, the documents have reportedly been analysed by almost 100 media organisations.
The International Consortium of Investigative Journalists oversaw the project, it is claimed.
Hundreds of individuals and companies reportedly have their overseas tax affairs laid bare in the papers.
US President Donald Trump's commerce secretary, Wilbur Ross, is allegedly shown to have cash in a shipping company which deals with Russian leader Vladimir Putin's son-in-law.
The Russian firm navigator, in which the offshore investments are reportedly held, has a partnership with Sibur, a gas company co-owned by Kirill Shamalov, who is married to Mr Putin's daughter.
The Paradise Papers allegedly reveal that several major global companies have been exploiting offshore schemes to avoid tax.
According to The Irish Times, the files contain information about the affairs of AIB’s offshore operation.
It reported that some of Ireland’s wealthiest businessmen, most prominent businesses, well known figures from the arts world and also an Irish priest, played a role in offshore holding companies linked to valuable assets.
The Irish Times said that the Paradise Papers also contains new information on the role played by Ireland in structures that allow some of the world’s most profitable corporations significantly reduce their tax bills.
The Irish Times is one of the media organisations that is part of the International Consortium of Investigative Journalists.
