What are the Paradise Papers?

A second wave of leaks about the use of offshore accounts is making its way through the media. The first was dubbed the Panama Papers; the latest, the Paradise Papers.

What exactly are the Paradise Papers? The term refers to over 13.4 million documents connected primarily to a law firm that aids the wealthy with estate planning matters.

Why has the release of these papers caused a stir? The information contained within these documents provides more than just a name and estimated worth — it also provides connections to funding sources. 

The New York Times elaborates on these connections in a recent piece. The piece states that the commerce secretary is connected to a shipping company with links to Russian President Vladimir Putin. Apple has adamantly stated that it does not use some “Caribbean island” to stash earnings. Although this has held true, the technology giant was discovered to instead use an island in the English Channel.

Why release these documents? The release is likely to result in transparency. In some cases, the loss of anonymity is the only penalty. The implications can be much more dangerous for those that have taken funds from questionable sources.

Was the use of offshore accounts illegal? Although the information released to the public has caused a bit of a stir, the question of whether or not the use of offshore accounts disclosed within these documents was illegal remains. Thus far, it appears no laws were broken.

If the accounts are fully disclosed and transparent, it is unlikely any laws were broken.

What can others with offshore accounts learn from the Paradise Papers? It is important that those who hold offshore accounts are in compliance with tax law. These accounts are under scrutiny and a failure to comply with applicable laws can come with serious penalties.

No Comments

Leave a comment
Comment Information
  • ABA | American Bar Association
  • AV Preeminent | Peer Rated for Highest level of Professional Excellence | 2018
  • Virginia State Bar | 1938
  • Super lawyer | 2018
  • DC Bar
  • American Bar Academy of Attorney - CPAs | The power of the dual view
Email Our Team

Contact Us to Get Started Today

Located in the Washington, D.C area, we serve clients in the District of Columbia, Maryland and Northern Virginia, as well as across the country and overseas. For a free initial consultation, call 202-381-1261 or complete our brief online form.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Six Convenient Office Locations in and around the DC Metropolitan Area

Washington, D.C.
1629 K Street NW, Suite 300
Washington, D.C. 20006

Phone: 202-618-1873
Fax: 888-235-8405
Map & Directions

Columbia Office
10440 Little Patuxent Parkway, Suite 300
Columbia, MD 21044

Phone: 410-497-5947
Fax: 888-235-8405
Map & Directions

Annapolis Office
888 Bestgate Road
Suite 400
Annapolis, MD 21401

Phone: 410-497-5947
Fax: 888-235-8405
Map & Directions

Fairfax Office
8280 Willow Oaks Corporate Drive
Suite 600
Fairfax, VA 22031

Phone: 703-621-7169
Fax: 888-235-8405
Map & Directions

Rockville Office
199 E. Montgomery Avenue
Suite 100
Rockville, MD 20850

Phone: 240-599-5009
Fax: 888-235-8405
Map & Directions

Baltimore Office
400 East Pratt Street
8th Floor
Baltimore, MD 21202

Phone: 443-743-3381
Fax: 888-235-8405
Map & Directions