Paradise Papers expose tax evasion schemes of global elite

Some 400 reporters from 67 countries have scoured 13.4 million secret documents and uncovered tax-avoidance techniques used by the super rich and high-ranking politicians, German media reported on Sunday.

The leaked data was obtained by German newspaper Süddeutsche Zeitung, which said that the majority of the documents stem from offshore law firm Appleby, which was founded in Bermuda but has offices in several other locations. The company reported last month that it had been hacked.

Read moreParadise Papers — what you need to know

The documents, dubbed the Paradise Papers, appear to show ties between members of US President Donald Trump’s cabinet and Russian firms.

Shrinking taxes

The documents also show that by using shell companies, corporations such as Nike, Apple, Uber and Facebook are able to shrink their taxes to low rates.

Rock star Bono, as well as British Queen Elizabeth II’s private estate, has also been involved in offshore funds, Süddeutsche Zeitung reported.

Over 120 politicians from 47 countries are

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